IT Spending Trends in European Banking
IT Budgets at European Banks set to reach over 45.8 bn
In a new report, Celent examines European banks plans for IT investments and finds that spending levels continue to increase, albeit modestly.
Celent predicts that four European banks will spend in excess of 2 bn on information technology (IT) in 2002. Deutsche Bank will top the list with 3.1 bn, while UBS and HSBC will spend 2.8 bn each, and ABN Amro will spend 2.3 bn.
According to Octavio Marenzi, managing director at Celent, "European banks are gradually moving away from proprietary development of their applications to greater outsourcing. With this shift, European banks will have to develop better skills in vendor selection, in the management of multi-vendor projects, and creating IT architectures that allow external software to be integrated more readily."
The reports goes on to find that, despite difficult market conditions, European banks IT budgets continue to grow. However, more resources are now being diverted into projects that can clearly demonstrate positive returns on investment, or serve a mission critical need.
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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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|Paris, France Boston, MA, USA October 7, 2002|
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