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Financial services reaps rewards for IT representation at board level

25 July 2002  |  2376 views  |  0 Financial services reaps rewards for IT representation at board level

The UK financial services industry is reaping more reward from its IT investment compared with other sectors - thanks to a high level of board level representation for CIOs and CTOs, according to a new survey from Unisys.

Fifty-eight per cent of financial services organisations boast an IT director on the board, compared to just 30 per cent in the public sector. Financial services companies are also more likely to measure the benefit of IT to the organisation in terms of customer satisfaction rather than return on investment or direct cost savings, says Unisys.

Guy Warren, head of banking services at Unisys comments: "The fact that the majority of companies in this sector have an IT director on the board ensures that there is a dialogue between IT and the rest of the business at the most senior level. This is absolutely critical when millions of pounds are being spent on IT systems and infrastructure."

Unisys surveyed 400 senior decision makers in finance and IT across the UK private and public sectors, in organisations employing more than 500 people.

Results show finance directors within financial services firms value the IT function more than their peers in other industries, scoring top marks in almost every category.

Sixty per cent of finance directors among the 100 financial services firms surveyed believe IT to be critical to the organisation, and are confident they are getting maximum value from their computer systems, data and information.

Adds Warren: "Many finance directors are directly benefiting from improved access to the vital company information they require to do their own job, so they are experiencing at first hand, improved productivity and satisfaction from the business' investment in IT. In fact, we are finding that the financial sector is generally becoming more and more supportive of innovation in all areas."

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