22 June 2017
visit www.finastra.com

IT proves top spending priority for UK FS industry

31 March 2014  |  6364 views  |  0 London skyline - old Natwest tower and gherkin

IT looks set to be the top capital spending priority for the UK financial services industry over the next 12 months, according to a CBI/PwC survey.

In their latest quarterly poll of 87 finance firms, the pair found 50% more respondents are planning to increase tech spending than are not.

Insurance brokers and securities trading firms are both identified as sectors which will see a jump in tech investment but it is banks that leads the way as they upgrade their systems, provide new services and reach new customers.

Kevin Burrowes, financial services leader, PwC, says: "Banks need to adopt bold new strategies as they face challenges around regaining trust, legacy issues, regulation and technology. Digital must be at the heart of their business as new entrants such as challenger banks, peer-to-peer lending and crowdfunding all have one thing in common - digital platforms which make the most out of big data and really focus on customer needs."

The survey finds the financial services sector in positive mood, with 41% of respondents more optimistic about the overall business situation compared with three months ago, compared to seven per cent who are less optimistic, giving a balance of +34%.

Firms are hiring as well, with 45% of respondents saying that they increased employment last quarter and more expecting to in the next three months.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Retail bank IT spending to hit $152.2 billion by 2018 - Ovum

Retail bank IT spending to hit $152.2 billion by 2018 - Ovum

28 March 2014  |  8300 views  |  0 comments | 9 tweets | 17 linkedin
Financial markets IT spending to hit $100bn as credit crunch nears end

Financial markets IT spending to hit $100bn as credit crunch nears end

19 March 2014  |  6673 views  |  0 comments | 13 tweets | 7 linkedin
Banks and capital markets firms to boost compliance spending by 10% - Accenture

Banks and capital markets firms to boost compliance spending by 10% - Accenture

03 March 2014  |  6944 views  |  0 comments | 4 tweets | 9 linkedin
Global bank IT spending on the rise as European market recovers

Global bank IT spending on the rise as European market recovers

11 February 2014  |  6910 views  |  0 comments | 15 tweets | 11 linkedin
North American bank IT spending to hit nearly $60 billion in 2014

North American bank IT spending to hit nearly $60 billion in 2014

24 January 2014  |  8008 views  |  0 comments | 17 tweets | 14 linkedin
Risk IT spending continues upwards trend - Chartis

Risk IT spending continues upwards trend - Chartis

08 November 2013  |  6755 views  |  0 comments | 6 tweets | 7 linkedin
Global core banking market to hit $10bn in 2017 - Celent

Global core banking market to hit $10bn in 2017 - Celent

08 August 2013  |  7270 views  |  0 comments | 7 tweets | 8 linkedin
Retail banking IT spend to hit $118.6bn in 2013 according to Ovum

Retail banking IT spend to hit $118.6bn in 2013 according to Ovum

04 February 2013  |  7242 views  |  1 comments | 8 tweets | 5 linkedin
UK finance sector IT spending on the up as industry optimism improves

UK finance sector IT spending on the up as industry optimism improves

02 April 2012  |  5916 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.niceactimize.comvisit wavestone-advisors.co.uk

Top topics

Most viewed Most shared
Santander's Openbank relaunched as 100% digital bankSantander's Openbank relaunched as 100% di...
15843 views comments | 48 tweets | 61 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
8360 views comments | 17 tweets | 26 linkedin
Live: EBAday 2017, day twoLive: EBAday 2017, day two
7853 views comments | 4 tweets | 5 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
7348 views comments | 8 tweets | 25 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
7254 views comments | 3 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job