Banks operating ageing IT platforms can expect to experience a material increase in running costs over the coming years, only partially offset by the introduction of smaller cheaper-to-run branch outlets.
The amount of time and resource dedicated to standing still is immense. A contact once referred to spending "half a Shard" on a platform, which by any means is a large sum (but less visible or impressive than an actual Shard).
Scary stuff, but a significant contribution to the innovation paralysis in legacy players when an investent portfolio is doing the equivalent of underpinning the foundations every year.
to £75k base, £140k OTELondon, UK
© Finextra Research 2013