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Outlook for banks' digitization plans is darkening amid economic uncertainty - Business Insider

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US banks are proceeding with restructuring plans, skirting a widespread promise not to lay off employees due to the pandemic

a 3.6% increase in US banks' technology spending between May 2019 and May 2020 — a dramatic drop from 8.9% growth the preceding year, although we expect it to rebound incrementally through 2024.

Despite cuts, big banks will increase their technological edge as smaller financial institutions fall behind. As US business restrictions are eased and the economy recovers, banks' technology spending should accelerate — leading to infrastructure upgrades, higher investments in AI and automation, more advanced fraud mitigation and detection, and cloud migrations, among other areas.

In advance of a recovery, banks will need to direct attention to customer-facing digital services. Pandemic-related public health restrictions are far from over, and banks have

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