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The Retail Financial Services Technology Outlook: Future Growth and the Impact of Compliance, Core Systems Renewal and Outsourcing
Business Insights, Oct 2004
After witnessing a dramatic decline in IT spending in the retail financial services industry recently, the strategic drivers of IT shifted from revenue-building areas, such as CRM and the front-office, to efficiency measures, including infrastructure consolidation and outsourcing. A balance has now returned to the market, with the US in particular looking more towards revenue-generating sectors. The Retail Financial Services Technology: Future growth and the impact of compliance, core systems renewal and outsourcing is a strategic management report that analyses the implications of changing IT spending habits and pinpoints future investment opportunities. It covers a wide range of issues affecting the sector including compliance, core systems renewal and outsourcing, dissecting the opportunities that exist for vendors and explaining how they can best leverage their skills to take advantage of new market sectors. Tailor your product and marketing strategies to increase revenue by understand the key business and technology trends driving spending patterns in the retail financial services technology market.
Key questions this reports will answer...
- What are the main barriers to implementing new technology in the retail financial services?
- Which technology and business trends will drive retail financial services technology investment?
- How can technology drive growth and where can you gain additional ROI and efficiencies?
- What are the benefits of retail financial services outsourcing?
- Where are the future growth areas in retail financial services technology?
This report examines key issues such as:
- Regulatory compliance. Discover how changes including Basel II, the USA Patriot Act and Sarbanes Oxley create opportunities to consolidate and invest in new technology, and centralise data management operations.
- Service-oriented architecture. Understand its importance in core systems renewal process and the key benefits from implementation.
- Mergers and acquisitions. Learn how M&A affects investment decisions and about the integration challenges and opportunities that ensue.
- Non-proprietary third party distribution. This report explains the technological challenges and opportunities for integration resulting from increasing distribution by channels including Bancassurance.
- Outsourcing. Identify which countries, institutions and outsourcing types are growth areas. Understand market drivers and the factors that may affect further growth.
Key findings of this report:
- Efficiency is a key short-term concern, but FSIs know they must gear IT investments towards future growth in anticipation of economic recovery.
- Upgrading branch technology infrastructure can both reduce 'run-the-bank' costs and increase employees product sales.
- Insurers growth-orientated spend is likely to be incremental on a narrow range of core strategic projects to improve efficiency and address changes in distribution patterns.
- Compliance has moved up the management chain so IT vendors must engage at a strategic, corporate level to demonstrate business and technological familiarity.
- European banks are focusing on core systems renewal as the business case is easy to make whilst US retail banks are choosing to improve integration.
- US FSIs lead the rest of the world in their acceptance of outsourcing.
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