US mid-sized banks to increase compliance tech spending

US mid-sized banks to increase compliance tech spending

Compliance officers at mid-sized financial institutions in the US are set to increase investment in technology in order to meet current laws and regulations such as The Bank Secrecy Act, according to research by Maryland-based consultancy ReymannGroup.

ReymannGroup says its survey of 3000 compliance officers in mid-sized banks shows that they are fully aware that new IT security resources are needed if they are to meet regulations, and they are actively looking for technology partners and budgeting for those expenditures.

The survey finds that 83% of respondents are pursuing or exploring how technology can help them, with information security technology being their top focus.

Around 42% of respondents have allocated budgets specifically earmarked for IT solutions, and over half - 53% - plan to create an IT budget in the near future.

The Bank Secrecy Act was found to be by far the top concern of those polled, with varying levels of attention given to 11 other compliance laws and regulations pertaining to money laundering, reporting and information security.

Stan Haavik, senior consultant at ReymannGroup says: "The market for IT compliance solutions for financial institutions is accelerating and will continue to do so in the near future."

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