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Financial Services Firms Pledge To Increase Technology Investment

Survey finds 55% of businesses expect to increase investment over the next three years

More than half of IT decision-makers across the financial/banking sector (55%) expect their business’s overall investment in technology to increase over the next three years, compared to just 1% who think it will decrease over the same timeframe, according to a survey of IT decision-makers across a range of financial and banking sector organisations, including retail and investment banking, asset management, hedge funds and clearing houses.

The survey commissioned by software vendor InterSystems, also found that cloud infrastructure topped the list to drive innovation with 36% of respondents saying this was their top priority, while 31% cited data analytics.

“Investing more in cloud and data analytics will be increasingly key in helping financial services organisations drive improvements in speed, scalability, and reliability, integrate data seamlessly, and store, manage and rapidly analyse large structured and unstructured data sets,” said: Graeme Dillane, financial services manager, InterSystems.

The survey also found that 51% of IT decision-makers say processes across multiple applications are not well integrated across their organisation today, while 43% believe their organisation is struggling to achieve a complete and accurate enterprise-level view of all their data. Elsewhere, 50% of respondents said their organisations are strongly focusing their innovation efforts on business processes.

“With data volumes growing rapidly and the need to comply with an ever-expanding list of new regulations, banks and financial services organisations are being driven to spend more on innovative new technology both to drive operational agility and to support the urgent need for compliance,” says Dillane.