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Worldwide bank sector IT spending seen growing 5.2% per year

According to a report by IDC, spending on IT on the banking sector is set to increase 10% in the Middle East and Latin America regions, until 2015, compared with an expected global IT spending CAGR growth rate of 5.2%. The categories under which banks will invest in their IT infrastructure include compliance and control, credit risk, enterprise risk management, financial crimes, information security, and liquidity and asset liability management, IDC said. "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," said IDC Financial Insights vice president, Jeanne Capachi.