Abstract

This IDC Survey, conducted in April 2021, was completed by 77 business leaders from small, medium-sized, and large retail banking organizations across major European countries. Respondents were drawn from C-level, IT, and line-of-business functions.

IDC conducted the survey with the aim of understanding the impact of COVID-19 on retail banks and identifying current and future IT spending plans aimed at supporting post-pandemic recovery. An additional objective was to determine if and how the unforeseen scenario has redirected IT investment and/or business priorities.

The survey also analyzes the impact of the pandemic on the banking workforce, which accelerated the need to digitally transform and revealed which business and IT areas will require a reassessment of necessary skills and education. Other developments revealed by the survey include retail banks' review of the criteria for selecting ICT partners as a result of the disruption experienced during the pandemic.

"Following the rapid proliferation of COVID-19, most retail banks increased their IT spending due to a sense of urgency to accelerate their digital transformation, reshaping their workplaces and rearranging their business priorities." — George Briford, associate research director, IDC Financial Insights

This is the first presentation of four from the European Industry Acceleration Survey, 2021-2022 series.

Coverage