Bank IT Priorities: Comparing North America, Europe, and the Asia-Pacific
Report Summary
Bank IT Priorities: Comparing North America, Europe, and the Asia-Pacific
Across financial institutions in North America, Europe, and the Asia-Pacific, IT budgets in 2011 are up or holding steady; how this money will be spent varies from region to region.
Boston, June 28, 2011 – A new report from Aite Group compares the priorities of IT executives at large banks across three regions: North America, Europe, and the Asia-Pacific. Based on an Aite Group Q1 2011 survey of 80 chief information officers and other senior IT executives at large financial institutions across these regions, the report reveals regional differences in IT priorities, attitudes toward IT outsourcing, and direction for IT budgets.
Across financial institutions in North America, Europe, and the Asia-Pacific, IT budgets in 2011 are up or holding steady, though how this money will be spent varies from region to region. In North America, the top three business or function areas for IT projects are small-business banking, payments, and consumer banking; in Europe, they are corporate banking, the finance function, and consumer banking; and in the Asia-Pacific, they are small-business banking, corporate banking, and payments. To achieve their goals for these business areas, financial institutions in North America and the Asia-Pacific tend to use vendor solutions, while European institutions prefer to build solutions in-house. Globally, few financial institutions have adopted Software as a Service, and vendors will have their work cut out for them in explaining how it differs from other types of solutions.
“IT budgets at most large financial institutions in North America, Europe, and the Asia-Pacific are in a period of growth or, at least, stability,” says Gwenn Bézard, research director with Aite Group and co-author of this report. “These regions vary in the way they approach and consume IT and what they want to achieve through IT investment. These distinctions are important for vendors seeking to gain a share of a financial institution’s IT budget.”
This 50-page Impact Report contains eight figures and 25 tables. Clients of Aite Group's Retail Banking and Wholesale Banking services can download the report.