Spending on IT by banks in North American will rise at a steady clip over the next two years after a rocky 2012, according to Celent.
While it is encouraging to see predictions of modest growth in IT spend in the medium term, it is no surprise to read the comment that a lot of that expenditure will be earmarked for lights-on and regulatory or compliance activities.
Analysts and commentators are united in the view that "IT Debt" (the cost of the backlog of unfulfilled requirements) and growing burden of legislative and regulatory compliance (especially in financial services) will continue to hamper innovation initiatives.
And yet a more technically aware market and customer base is demanding more and more innovative service.
CIOs are faced with the challenge of steering a course of smart IT investment that tackles those 3 seemingly mutually-exclusive forces of IT Debt, Compliance and New (Disruptive) Technology. Solutions at the intersection of these challenges which can demonstrate
value across more than a single area will need to be scrutinised further.
In these times, we've seen heightened interest for solutions that provide business value while achieving compliance.
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