23 May 2018
Visit response.ncr.com

UK finance sector ups IT spending amid fintech uncertainty

18 January 2016  |  8914 views  |  0 Man drawing Graph on Glass wall 1

British financial services firms expect IT to be the main area to see an increase in capital spending over the next year as the industry braces itself for the fintech revolution.

According to a the latest CBI and PwC survey of 100 firms, respondents are cutting back their capital spending in most areas because of poor returns. Bucking the trend is marketing, which will see growing spending at some firms as they seek to win new business, and IT, which is the area seen as by far the most likely to have an increased budget in 2016.

Rain Newton-Smith, director for economics, at the CBI says that the rise of fintech is causing "a great deal of uncertainty" within the industry, as established players try to work out how to react to the threats and possibilities posed by new technology.

"Firms in most sectors are looking to upgrade their own platforms over the next five years rather than acquire fintech firms. However, partnerships with fintech firms are seen as a high priority by companies in some sectors, particularly finance houses, insurance brokers and investment managers," says Newton-Smith.

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

Banks to up spending on payments

Banks to up spending on payments

16 December 2015  |  11577 views  |  0 comments | 25 tweets | 28 linkedin
Bank spend on blockchain tech to top $1 billion by 2017 - Magister Advisors

Bank spend on blockchain tech to top $1 billion by 2017 - Magister Advisors

14 December 2015  |  15202 views  |  0 comments | 38 tweets | 27 linkedin
Firms focus spending on smaller fintech deals

Firms focus spending on smaller fintech deals

11 December 2015  |  5462 views  |  0 comments | 11 tweets | 3 linkedin
Budgets up, but bank IT spending tipped to decline on dollar strength - Gartner

Budgets up, but bank IT spending tipped to decline on dollar strength - Gartner

23 September 2015  |  7444 views  |  0 comments | 11 tweets | 8 linkedin
UK banks' IT spending to increase - CBI/PwC Report

UK banks' IT spending to increase - CBI/PwC Report

30 March 2015  |  10604 views  |  0 comments | 16 tweets | 11 linkedin
IT budgets up as business volumes improve - CBI/PwC

IT budgets up as business volumes improve - CBI/PwC

19 January 2015  |  6000 views  |  0 comments | 12 tweets | 5 linkedin

Related blogs

Create a blog about this story (membership required)
Visit response.ncr.comVisit www.vasco.com/news/mobile-firstVisit aciworldwide.webex.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9935 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8735 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7400 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6911 views comments | 7 tweets | 11 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
6683 views comments | 17 tweets | 22 linkedin