Financial institutions across the United States and Canada are driving growth in information technology spending again. In fact, it's skyrocketing, a new think firm report said.

IT spending in 2013 was an estimated $56.9 billion and is expected to grow by 4.5% to $59.5 billion in 2014, and another 4.6% to $62.2 billion in 2015, Celent said in “IT Spending in Banking: A North American Perspective.”

“The good news is that new investment spending is skyrocketing and that maintenance allocations are on the decline,” said report author Jacob Jegher, research director with Celent's Banking Group.

“It's still quite challenging to get projects funded, however. Projects are encouraged but highly scrutinized, and they come with the requirement of a fast return on investment,” he said in the Celent report released Jan. 24.

Jegher noted strong growth in retail banking spending, especially in monetizing digital channels, enhancing user experience and “omnichannel sales and service endeavors.”

“Spending on wholesale banking will also continue to climb, particularly as midsize banks look at upgrading aging cash and treasury management solutions,” the Celent report said.