NEW REPORT – Hot Topics and Opportunities in the Banking Sector

FinancialServicesViews presents an overview of the Banking Sector and highlights areas where the banks are focusing their attention and where suppliers can build opportunities for further growth.The report can be accessed here.

UK banks are handicapped by their reliance on the large, unwieldy and inflexible legacy systems which drive the underlying management of the accounts of millions of customers. FinancialServicesViews considers that there is a greater impetus for change emerging and that the established banks are now beginning to make progress in the renewal of their core IT estate. This is creating opportunities for suppliers to the sector, particularly those with domain expertise, a strategic approach and strong balance sheets. The scale and complexity of the problem means that the banks will need to think boldly, using third-party suppliers and implementing new technologies such as cloud to improve their longer term competitive position.

We also expect continued focus on other key areas; complying with the rising tide of regulation, coping with problems in engaging with customers as they shift away from using branches towards a greater use of mobile access and responding to the threat of new competitors leveraging their global brands and positions in adjacent markets. These areas will generate additional spending, with tight cost control on other projects.

However, several new topics, identified by FinancialServicesViews, are beginning to demand additional attention. These will put pressure on Banking IT budgets going forward but will also present the supplier community with significant opportunity.

Posted by Peter Roe at '08:33' - Tagged: legacy   banking   regulation