18 January 2018
visit http://response.ncr.com

Rise in European bank IT spending forecast

22 May 2003  |  4783 views  |  0 cash colour

Financial analyst TowerGroup is forecasting a modest revival in European bank IT spending over the next three years as financial firms turn to technology solutions to enhance operational efficiency and drive down costs.

In 2003, TowerGroup believes that total EU IT spending will decline marginally compared to 2002 due largely to mounting divestitures and outsourcing deals in Germany's flailing banking industry.

Yet in a pan-EU analysis, IT spending is forecast to grow over the next three years, from a total of EUR97.9 billion in 2003 to EUR107.8 billion in 2006.

The research examines spending by EU institutions on three distinct IT segments: maintenance (the cost of maintaining existing IT infrastructures); replacement (the cost for replacing legacy and other systems); and new technology.

Maintenance expenditures are expected to rise from EUR60.4 billion in 2003 to EUR63.8 billion in 2006. Replacement spending is tipped to rise from EUR13.2 in 2003 to EUR14.9 billion in 2006. New technology investments are expected to increase from EUR24.3 billion in 2003 to EUR29.1 billion in 2006.

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

Risk IT budgets bucking the downturn

Risk IT budgets bucking the downturn

14 May 2003  |  4218 views  |  0 comments
Commerzbank cuts IT budgets and staff

Commerzbank cuts IT budgets and staff

31 March 2003  |  4805 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.thomsonreuters.infovisit www.capgemini.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11849 views comments | 16 tweets | 17 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
10129 views comments | 32 tweets | 35 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9833 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9532 views comments | 17 tweets | 14 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9451 views comments | 14 tweets | 16 linkedin

Featured job

Germany, Austria or Switzerland

Find your next job