Overall IT spending among US commercial banks will grow slowly from now until 2007, moving from a total of $33.8bn (€30.9bn) in 2003 to $38.2bn in 2007, according to a report by US consultancy TowerGroup.

Much of this investment will result from banks needing to maintain their existing technology systems. In 2003, US banks will focus more than 81% of IT spending on maintenance of existing technology infrastructures, with maintenance continuing to account for the bulk of IT investment through 2007.