There Will Be Blood

There Will Be Blood

Posted by John B. Frank Thursday, March 12, 2009

SOURCE: MarketResearch.com

Financial Services Technology Spending Will Decline 3.7% in 2009

ROCKVILLE, MD--(Marketwire - March 11, 2009) -

MarketResearch.com has announced the addition of TowerGroup's new report "There Will Be Blood: US Financial Services Trends and IT Spending in 2009 and Beyond," to their collection of Banking & Financial Services market reports. For more information, visit http://www.marketresearch.com/redirect.asp?progid=67618&productid=2063442

TowerGroup estimates overall US financial services technology spending will decline 3.7% between 2008 and 2009 as firms scrap ineffectual projects and delay new investments until 2010.

Cost cutting born of desperation may permanently cripple IT structures, while smarter actions to rationalize IT and discard decaying assets offer better short-term returns and long-term strategic benefits.

TowerGroup expects a growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors.

Replacement IT spending will rise 20% in 2009 as IT transformation -- either forced or chosen -- tops FSI priority scales and opens doors of opportunity for technology vendors.

Three critical trends will reshape the US financial services industry: regulatory pressure, shifting consumer demographics, and accelerating globalization.

FSIs are challenged from two sides to embrace IT transformation in support of new business models: from customers who will demand it and competitors who will provide it

Report Coverage:
Background
Banking and Payments
Insurance
Securities and Investments
The IT Spending Ripple Effect
Exhibit 1
Exhibit 2
Operational Efficiency
Risk Management
New Customer Segments
Exhibit 3
Banking
Securities and Investments
Insurance
Exhibit 4
Call to Action for FSIs: Survival of the Fittest
Shifting Customer Demographics and Imagination
Disruptive Globalization
Heightened Regulatory Pressure
Summary

For more information visit http://www.marketresearch.com/redirect.asp?progid=67618&productid=2063442

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