Retail banks are consolidating their international IT systems, according to research.

UK consulting firm CapGemini’s World Retail Banking report found of the 41 international banks surveyed, nearly 60 per cent have already consolidated their IT systems at a cross-country level.

The report found 40 per cent of banks have an internationally common IT architecture, a modular application suite and a ready-to-go modular approach to technology implementation.

According to the findings, globalisation will keep IT a priority over the next five years and have a significant impact on the way retail banks develop their marketing strategies.

While only 28 per cent of surveyed banks have global marketing practices today, more than 50 per cent expect to have them in five years