UBS Banking Technology Survey "2026 IT spend outlook calls for ~MSD grow..."

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UBS Banking Technology Survey "2026 IT spend outlook calls for ~MSD grow..."

Additional thoughts on traditional FI account growth trends: In August of 2025,

JKHY noted a slight industry-level slowdown in account growth for banks and credit

unions, which management attributed in part to Neobanks and technology platforms

(e.g., Stripe and Square) gaining share. We note this commentary is aligned with this

year's (and last year's 6th Annual UBS Banking Technology Survey) that lists Neobanks as

the top perceived source of competition for new consumer accounts today. August

2025 was the first time we heard JKHY management flag this headwind, and we

continue to expect it to intensify over time as leading Neobanks (e.g., Chime, Cash App)

continue to scale. More specifically, we expect leading Neobanks to continue to broaden

their solution set to close the product gap between traditional FIs over time, innovate

with new products (e.g., Chime's EWA product) and continue to lead the way in digital

UX. See our Chime initiation and Dave initiation for more.

Fiserv customers have the highest 2026 spending expectations, up 5.2% YoY

(~1.7% above survey average) and also the highest pricing expectations, up

3.6% YoY (~0.8% above survey average): Respondents using Fiserv as their core

provider expect their 2026 bank IT spend to increase ~5.2% YoY on a weighted average

basis, above the survey average of ~3.5%. This result was down from expectations of

~5.8% within our 2025 survey of Fiserv customers. On 2026 pricing trends, ~84% of

Fiserv respondents expect pricing for equivalent services to increase, with a weighted

average increase of ~3.6% from all Fiserv respondents, slightly above the overall survey

average of ~2.8% in 2026 (albeit below the average expectation of ~3.8% from our