Executing these initiatives within more efficient technology and business process architectures will enable innovation and operational excellence that adds value to their customers.
As banks more selectively and strategically adopt banking and payments solutions, TowerGroup believes they will add vibrancy to the $174bn in IT investments that the industry will make globally in 2005. A healthy growth rate of 4.9% from 2005 to 2008 will increase these IT investments to more than $200bn.
Certain geographies and banking products, such as delivery channels and operational risk management, will grow faster.
Guillermo Kopp is vice-president of Cross Industry at TowerGroup, a leading advisory research and consulting firm focused on the global financial services industry. E-mail: gkopp@towergroup.com
