Germany's Banks Betting Billions on Tech to Boost Revenue
- Study examines strategies of 50 largest commercial banks
- Digital investments have not paid off so far in many cases
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German banks -- jostling for position in one of Europe’s most competitive markets -- will plow billions of euros into digitization over coming years to boost revenue. The question is how many will get their money back.
The 50 top lenders will spend as much as 6 billion euros ($7 billion) by 2020 developing their digital initiatives, according to a study by consulting firm Oliver Wyman provided exclusively to Bloomberg. That represents about 12 percent of their total revenue last year and excludes regular IT spending.