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  5. IT Budgets at European Banks set to reach over be €45.8 bn

IT Budgets at European Banks set to reach over be €45.8 bn

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2002/10/07

Abstract

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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