Banks are spending moderate amounts on technology while also expressing low levels of satisfaction with their technological capabilities. Aite Group's new report, Global Bank IT Strategy and Spending Report, 2014, surveyed banks across 53 areas; just 68 per cent were satisfied with these overall, while 32 per cent were not satisfied.

For these capabilities, only 47 per cent wish to "be stellar," while 53 per cent seek to merely "be good enough." Of those surveyed, 62 per cent have either always relied on Big Data in the form of other technologies or have begun embracing it. This technology is just now being considered at 35 per cent of banks, and among all the examined technologies, it is the capability with which they are most likely to be dissatisfied and for which they are most likely to plan an upward level of spending. Multi-channel integration, a strong complement to both data management and analytics, remains a major pain point; just 39 per cent expressed satisfaction with this capability.

In terms of the cloud, only 11 per cent say they are embracing it aggressively, while 20 per cent intend to stay away from cloud computing. Despite increasing demands related to capital adequacy testing, an uncertain credit environment, and increasingly aggressive fraudsters, banks are nonetheless relatively satisfied with their risk and compliance capabilities. As a group, these capabilities invoke satisfaction at 72 per cent.

Though generally happy with their payments capabilities overall, banks are least satisfied with their capabilities for consumer digital/mobile wallet payments. A competitive answer to the Squares and PayPals of the world and a badly needed deterrent to disintermediation, this capability invokes dissatisfaction at 72 per cent of banks, and it is yet to be implemented at eight per cent.

"Banks and their software providers require a better understanding of the technology trends at large banks across the world, including their priorities and the degree to which they are satisfied with the various technologies that constitute their overall enterprise," says David O'Connell, senior analyst in Wholesale Banking at Aite Group.

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