Boston, September 25, 2012 – A new report from Aite Group looks at IT priorities across the four major segments of Aite Group’s research: banking and payments, capital markets, insurance, and wealth management. Based on a Q2 2012 Aite Group survey of 178 technology executives at financial institutions around the world, the report focuses on financial services executives’ appetite for emerging technology, internal versus external builds, and Software as a Service.
Technology executives across the financial services industry are troubled by the same issues. Beating out both cost and regulatory burden, pace of change is rated as a major concern by 18% of tech executives across all financial services segments. Pace of change includes the ability to mobilize a complex organization in the face of fast-moving peers and ways to avoid user fatigue in the midst of constantly evolving technology. Cost and compliance, major drivers in IT spending, strengthen executives’ appetite for emerging technology, and much of the technology being utilized is now being bought from vendors rather than built in-house.
“Financial services institutions are waking up to the fact that they are, in some areas, spending too much on supporting an internally built solution that is available cheaper and better on the commercial market,” says Adam Honoré, research director with Aite Group and author of this report. “CIOs who maintain their preference to build internally should do a major cost-benefit comparison against the vendor landscape."
This 28-page Impact Report contains 25 figures. Clients of Aite Group’s Institutional Securities & Investments, Wealth Management, Retail Banking, Wholesale Banking, Health Insurance, Life Insurance, or P&C Insurance services can download the report by clicking on the icon to the right.