Upturn May be a Year Away, say Banks' IT Specialists

‘The outlook for financial markets in 2003 remains bleak,’ according to UK-based IT managers and consultants. A poll, conducted by Eurobase Banking Solutions, found that 73 per cent of the survey population did not expect any sort of recovery this year, but many (67 per cent) are looking forward to a more buoyant business climate towards the end of 2004. The survey of IT and business managers within the financial sector shows that, with over 77 per cent, cost-reduction continues to rank highest on the board agenda. Although banks are keen to reduce costs many (70 per cent) are preparing for an eventual upturn and are planning on investing in IT over the next six months. Fifty per cent of survey participants predicted that the bulk of that investment will be placed within the front office, while 43 per cent claimed they will most likely allocate resources to the middle office. Although only 7 per cent plan to dedicate spending towards the back office, STP was declared the most essential ingredient to gaining a competitive edge in today’s environment by 40 per cent of the respondents.

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