Dublin-based Research And Markets has released a study, which concludes that the changes in accounting standards and reporting, mandated by the Basel II (Solvency II) accords in Europe and the Patriot Act and Sarbanes-Oxley in the U.S. will create opportunities “to consolidate investment in new technology and centralise data management operations.”
“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,” said the announcement. “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.”
The consulting firm’s new publication, “The Retail Financial Services Technology Outlook: Future Growth and the Impact of Compliance, Core Systems Renewal and Outsourcing,” offers insights concerning these developments.
“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,” the bulletin continued. “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.”
Among a number of other subjects treated by R&M, the report notes that “Insurers growth-orientated spending is likely to be incremental on a narrow range of core strategic projects to improve efficiency and address changes in distribution patterns.”
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