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ICT Opportunities in European Financial Services: Investment Drivers, Targeting Strategies and the Leading Players
Business Insights, Aug 2005
Target the key ICT investment areas in retail banking, insurance and financial markets by using the actionable recommendations, vendor profiles and ICT spending forecasts to 2009 in this report.
The global economic downturn and equity market decline since the late 1990s badly affected the entire financial services industry and resulted in dramatic cuts in IT spending. Since then, as markets have stabilized, more balanced strategies focusing on cost containment and efficiency maximization have emerged. However, each financial services sub-sector differs from another and vendors need to understand their dynamics in order to target them successfully.
'ICT Opportunities in European Financial Services: Investment Drivers, Targeting Strategies and the Leading Players' is a new management report that assesses the key ICT investment drivers in retail banking, insurance and financial markets sectors. The report examines the wider issues of operational risk, compliance, rationalization and revenue generation. It also evaluates the profiles of leading technology vendors in each market, the market opportunities for vendors and recommends key action points for growth.
This report will enable financial services institutions, ICT vendors and providers to understand the challenges of regulatory developments and successfully target the fast-growing sectors.
Examining the hot issues
- Operational risk: Most institutions are focusing on operational risk as a separate risk category, and have consequently established separate group-level operational risk functions. The aim is to improve performance and accountability, not just comply with regulations.
- Multi-channel distribution: Regulatory reforms, the growth of bancassurance and the trend towards product standardization are forcing insurers in Western Europe to consider alternative channels. In the future a multi-channel approach will remain vital with distribution-related strategies at the forefront of spending plans.
- New trends in outsourcing: The outsourcing deals between CSC and Zurich, and Accenture and Barclays show Financial Services Institutions (FSIs) increasing confidence in vendors' abilities to deliver benefits through outsourcing and the pressure on banks and insurers to cut operational costs and focus spend on change.
- Global sourcing strategies: A global sourcing strategy enables FSIs to make sourcing decisions about all business functions based on global and regional sourcing options, preference, perceived risks and economic incentive. Offshore outsourcing should feature in FSIs global sourcing strategies, but not as a main consideration.
The answers to your questions
- What are the key trends driving ICT investment in the European retail banking, insurance, financial markets and outsourcing sectors?
- What regional variations exist for ICT spending in the financial services industry across Europe?
- How should I tailor my sales strategies to become more effective in marketing to CIOs within Financial Services Institutions (FSIs)?
- Which areas of ICT are retail banks, insurers and financial institutions aiming to invest in now and in the future?
- What are FSIs' views about offshore outsourcing and their outsourcing priorities?
- Who are the leading vendors in each area of ICT investment?
- How will ICT spending develop in the European financial services industry over the next five years?
Why should you read this report?
- Develop more effective go-to-market strategies by identifying current and future sector-specific trends, as well as upcoming risks, in the financial services industry.
- Prevent losses resulting from failed internal processes, systems, people, and external events by following the operational risk guidelines outlined in the report.
- Invest in key growth areas of Financial Services Institutions building upon the ICT spending priorities of each sub-sector.
- Tackle the challenges of regulatory developments such as Basel II and extract value from compliance initiatives by using the recommendations detailed in this report.
- Identify the most suitable vendors for your business and build long-term relationships based on this report's sector-specific vendor profiles and their future growth prospects.
- Identify and benefit from the opportunities offered by financial services business process outsourcing (BPO) and global sourcing strategies.
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