With 140,000 pages of financial services regulation published in the last two years, banks have to perform a balancing act when it comes to IT investments.
While rules introduced to make it easier for consumers to switch accounts will overtly force banks to invest in IT, there are covert pressures emanating from customer demand, such as the need for mobile banking platforms.
Computer Weekly spoke to industry experts about their predictions for IT spending in financial services in 2013.
Anonymous senior banking IT professional
“The main IT theme for 2013 appears to be regulatory projects. There are a very large number across different business units, products and geographies. Although I’m not close to the details of individual projects, I see the budgets and main themes.
“Following all the bad news about what the banks have been doing in recent years I think everyone – management, shareholders, regulators – is turning to IT to put more systems in place which monitor and trap any bad behaviour as well as provide more reporting to regulators and cater for all the changes in regulations.
“I also sense more appreciation and recognition for IT generally as management and regulators realise the solution to many of the issues over the last few years could be addressed by IT solutions. So I think IT is high-profile again rather than just buried somewhere in the back office. A few years ago I remember IT staff used to say they worked for a bank or an investment bank but these days they prefer to say they ‘work in IT’ which is probably a sign they are proud of what they do but not so proud of the industry they work in right now.”
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