Our estimates put the compound annual growth rate of Branch Sales & Service Software spending at 1.5% annually from 2012 – 2016. Global spending in this technology area is expected to slow between 2013 and 2015 due to reduced spending in developed countries. We expect:
- Many banks to upgrade existing Branch Sales & Service applications as boosting sales productivity in the branch is a high priority for retail banking financial executives in the next 6 to 12 months.
- Spending in North America and Europe to decrease as customer (and bank) interactions shift to other channels.
- Reduced platform needs at branches in North America and Europe will decrease spending on platform hardware required to maintain Branch Sales & Service Software.
- Analytics and business intelligence to continue changing from report-based tools to interactive dashboards.
Spending in Branch Sales & Services Software is expected to grow at the fastest annual compound rate, 4.8%, in Latin America and the Caribbean from an estimated US$216 million in 2011 to US$273 million in 2016.
The Branch Sales & Service Software estimates are part of a new initiative: TechSpend. The new research provides Financial Service Institutions’ spending forecasts in all major IT areas. TechSpend will forecast global spending broken down by region (North America, Europe, APAC, Latin America and the Caribbean and Middle East and Africa) and source of spending (internal, hardware, software, professional services and IT outsourcing) while also offering insights into the underlying growth drivers. Based on our expertise and bottom up approach to technology spend estimation, we identify and project the key drivers of units in operation and price for a technology.
To learn more, CEB TowerGroup Retail Banking members can access the full TechSpend: Branch Sales & Service Software.