More NewsGrowth Ahead for US Banks’ IT and Investment Trends Says Report

Growth Ahead for US Banks' IT and Investment Trends Says Report

A survey by the American Bankers Association (ABA) and TowerGroup has found that US bank technology investments are moving away from short-term cost reduction and heading towards more strategic investments aimed at increasing returns. The survey indicated that banks will leverage customer relationships to increase revenues and reduce costs by managing risks and improving efficiency of customer service. ‘We believe the impact of strategic cost management over the past two years has changed the traditional relationship between maintenance and investment spending,’ said Bob Landry, TowerGroup vice president of research and corporate development. ‘Banks will now be able to spend a larger proportion of their IT dollars on investments that provide competitive advantage – rather than on maintenance spending that provides little differentiation.’

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