The financial services industry is facing challenges like never before.
Competition is increasing as traditional players battle for market share with new, non-traditional financial institutions in a world that is increasingly digital and mobile. The problem is the majority of organisations have outdated IT systems when they are desperately in need of a digital edge to meet these challenges. As a result we are seeing an increase in technology investments by financial institutions.
Analyst firm Celent predicts total spending on IT by banks across North America, Europe, and Asia-Pacific will grow to US$188 billion in 2014, an increase of approximately 4.4% over 2013.
The research we announced earlier this month – ‘How to influence Fintech buyers’ -reinforces this view. The technology market for financial services is truly big business with multi-million dollar contracts regularly being made available for tender. Read more