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Wednesday 11 September 2019

*NEW RESEARCH* UK Financial Services SITS Market Trends and Forecasts 2019

FSV MTF 2019Financial services is the UK’s largest commercial SITS vertical and was worth just under £12bn in 2018. Spend has shifted from “run the business” towards “change the business” and automation, customer engagement and new product development have become key strategic priorities. Transformation has accelerated and the insurance and the financial markets sectors are increasingly following the path set by retail banking.

UK Financial Services SITS Market Trends and Forecasts 2019 contains TechMarketView's latest analysis of software and IT services spend within UK financial services. Expenditure is forecast to grow over the next 3 years, but patterns of investment have changed markedly. Whilst the outlook for some segments remains favourable, there is the prospect of tougher times ahead and a “Bad Brexit” could potentially cost the industry close to £1bn by 2022.

For the first time in this report, we have included elements of our new Digital Evolution Model (DEM). TechMarketView’s DEM has been designed to highlight the shift in spending patterns from “Heritage” or legacy SITS, to spend on the “New” transformational technology components (digital, platform and cyber).

We recommend that this report is read alongside our UK Financial Services Supplier Prospects 2019 and our UK Financial Services SITS Supplier Ranking 2019.

If you are an existing FinancialServicesViews ​subscriber, you can read the report now. If you don't currently have access and would like to discuss extending your subscription, or you would like to subscribe to TechMarketView, please contact Deb Seth.

Posted by: Jon C Davies

Tags: financialservices   insurance   banking   financialmarkets  

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