Banking sector IT integration to be worth $2.1 billion per year by 2004

IT integration spending in Europe, the Middle East and Africa’s financial sectors is set to skyrocket to $2.1 billion per year by 2004.

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By  Matthew Southwell Published  October 3, 2001

IT integration spending in Europe, the Middle East and Africa’s financial sectors is set to skyrocket to $2.1 billion per year by 2004 as corporate banks and financial houses embrace Internet technology, says the latest report from Datamonitor.

The burst of investment that will take spending from a paltry $5 million per year in 2003 to the predicted $2.1 billion in the following year will happen, the report says, as financial institutes switch their existing procedures from in-house developments to packaged solutions. The driver for this, it says, will be the need to achieve faster return on investment, better customer service and a broader product spectrum.

Simon Bond, director of sales, northern Europe, at Sterling Commerce – which commissioned the report – says that “the Internet has to be the focal point for the future success of the corporate financial sector as it plays a key role in the distribution of information and allows for customer consultation regardless of location.”

“We expect to see considerable investment in setting up Internet platforms to integrate the Internet channel with core back-office applications and processes, with the aim of streamlining workflow-processes and add additional digital sales channels. This is already taking place at such rate that analysts have dubbed 2001 ‘the year of integration’,” he adds.

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