North American Bank Priorities: Convention or Innovation?
AbstractMontreal, Canada August 14, 2006
Celent examines, analyzes, and contrasts the top IT goals and priorities of North American banks.
Bank CIOs carry a heavy burden. Tremendous emphasis is placed on IT in todays banking environment, and technology and business divisions are working hard to make sure banks' best interests are kept at heart. With IT facilitating the business goals of the bank, it is no wonder that bank IT requirements are so vast and diverse.
However, compliance and regulatory requirements are sucking up IT dollars and placing a noose around the necks of banks as they attempt to innovate and work on new projects.
In a new report, ?, Celent examines and analyzes through the eyes of bank CIOs bank IT and business priorities. The report presents a detailed analysis of the IT decision-making process at financial institutions. It reviews the top IT and business goals and priorities for banks, as well as specifics relating to IT spending and budgeting. It also delves into the rise of service-oriented architecture (SOA), the impact of compliance and regulatory requirements, and the prioritization of security initiatives. Finally, the report focuses on the area banks consider core to their entire operation customer-centricity.
"In order for banks to succeed, they must learn to innovate while working within regulatory and budgetary constraints," says Jacob Jegher, senior analyst in Celent's Banking group and author of the report. "Innovation comes in many shapes and sizes, and banks across North America must attempt to find their innovation niche and successfully prioritize new projects. Banks must spend their hard-earned IT dollars efficiently to differentiate, expand the client base, and ultimately grow revenues."
The report is 37 pages long and contains 27 figures. A table of contents is available online.
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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Table of ContentsMontreal, Canada August 14, 2006
|Organizational Dynamics: The Decision-Making Process||6|
|Top IT Initiatives||11|
|Top Business Initiatives||12|
|IT Spending Trends||13|
|Budgets Are Rising||13|
|IT Goals and Priorities||22|
|What Are the Top Priorities?||22|
|Where Do the Challenges Lie Over the Next Two Years?||23|
|Compliance and Security Initiatives||31|
|Customer Relationship Strategy||35|
|Objectivity and Methodology||38|