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TowerGroup estimates overall US financial services technology spending will decline 3.7% between 2008 and 2009 as firms scrap ineffectual projects and delay new investments until 2010.
Cost cutting born of desperation may permanently cripple IT structures, while smarter actions to rationalize IT and discard decaying assets offer better short-term returns and long-term strategic benefits.
TowerGroup expects a growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors.
Replacement IT spending will rise 20% in 2009 as IT transformation -- either forced or chosen -- tops FSI priority scales and opens doors of opportunity for technology vendors.
Three critical trends will reshape the US financial services industry: regulatory pressure, shifting consumer demographics, and accelerating globalization.
FSIs are challenged from two sides to embrace IT transformation in support of new business models: from customers who will demand it and competitors who will provide it
Report Coverage: Background Banking and Payments Insurance Securities and Investments The IT Spending Ripple Effect Exhibit 1 Exhibit 2 Operational Efficiency Risk Management New Customer Segments Exhibit 3 Banking Securities and Investments Insurance Exhibit 4 Call to Action for FSIs: Survival of the Fittest Shifting Customer Demographics and Imagination Disruptive Globalization Heightened Regulatory Pressure Summary
For more information visit http://www.marketresearch.com/redirect.asp?progid=67618&productid=2063442
Contact: Gregg Kellett MarketResearch.com gkellett@marketresearch.com 240.747.3008
SOURCE: MarketResearch.com
mailto:gkellett@marketresearch.com
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