Financial Services Market Trends and Forecasts 2014/5

Financial Services remains the largest and most dynamic part of the UK private sector in terms of the purchases of Software and IT Services and on our estimates continued to grow faster than the wider market, and particularly the public sector in both 2103 and 2014.

While the overall market will have struggled to reach 2% growth in each of those years, the Financial Services sector reported a growth of 3.7% in 2013 and we expect a growth rate of 3.1% in the 2014 figures. This report looks at the major trends within the sector which are driving this above average growth rate and gives our forecasts for the period to end 2017.

We also consider how the Financial Services organisations will be addressing the important issue of improving customer experience and discuss the implications of a move to Systems of Engagement  as the sector participants use data to drive higher rates of business and  improve their competitive positioning against aggressive newcomers to the sector.

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