Analyst firm IDC have reported an expected 5.2 percent annual growth rate in global IT bank spending.

IDC also commented that different regions were seeing "very different conditions”, with areas such as Latin America and the Middle East enjoying rapid growth with IT spending increases of 10 percent. Western Europe on the other hand saw a decline in forecasts from economic pressures.

Jeanne Capachin, vice-president, IDC Financial Insights, said: “There are bright spots as the Middle East remains a strong growth market for financial services technology and the adoption of public cloud services among US banks has surfaced as a way to innovate despite tight IT spending controls".