Banking Industry Predicts Increased IT Investment for 2005
Research from Eurobase Banking Solutions reveals that nearly four out of every ten senior IT professionals in the banking sector believe that reducing operational costs is the highest ranking IT issue on their board’s agenda today. Over a quarter of respondents cite return on investment whilst 26 per cent believe that compliance with legislation occupies the top spot. At the same time, over 86 per cent of those surveyed believe their bank will invest in new IT solutions in the second half of 2005 with the front office benefiting the most. Nearly a third of those surveyed cited increased operational efficiency and productivity as the key driver behind their IT purchasing decision. In second place was return on investment, favoured by over a quarter of respondents. David Mallinder, head of business development and sales at Eurobase, commented, ”The survey clearly shows that the majority of banks and financial institutions are looking to enhance their business processes to generate additional revenue whilst remaining focused on cost reduction.” Research was conducted at the Dealing with Technology (DWT) exhibition in London on 11 May 2005 that was attended by 420 representatives from global financial institutions.