A study by Ovum showed that the increase is 24 per cent and is due to a need by banks to improve customer trust levels and grow revenue.
Investment in technology enabling customers to bank online is a key area of growth with the report suggesting that spending in this area will rise by 33 per cent over the next five years to reach $9.7 billion.
Jaroslaw Knapik, senior analyst at Ovum, said: âThere is a strong focus on online platforms and their extension onto mobile devices and tablets, given their ability to service clients at a lower cost.
âIn addition, technologies that allow âsmarterâ selling and servicing, such as customer analytics and channel integration are expected to remain hot spot areas in the near future.â
Further findings from the report showed that Europe is the second largest market in terms of overall investment with the total spend forecast to reach $43 billion by 2015.
However, projected five-year growth is due to be 19 per cent - the lowest figure for all the regions included in the Ovum study.
The global spend on technological solutions surrounding risk management and compliance is due to see growth of almost a third during the same period.
By Jim Ottewill