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Countries covered: United States
The growing number of regulatory and legislative compliance requirements is causing concern in the US banking industry. Compliance is not only increasingly expensive, but it is also diverting management's attention away from core activities. This brief discusses the key regulations and laws affecting US banks, the implications on IT strategy, and Datamonitor's forecast for IT spend on compliance. Scope This brief covers the regulatory landscape in the US and provides a summary of the key regulations and laws affecting US banking institutions Forecasts compliance IT spending to 2006 and breaks it down based on asset size Highlights Despite being one of the most advanced users of IT, banking institutions are at the lower end of the technology spectrum when it comes to compliance IT. Banks are undergoing a cycle of change and are now seeking and evaluating solutions that are more easily adaptable and scaleable to changes in both the regulatory and corporate environment. Although banking institutions have made significant investments in compliance IT, they plan to invest even further in 2004 as deadlines approach and strategic organizational changes start to exhibit transformational benefits. IT spend on compliance will grow annually at 14.1% and reach $3.0 billion by 2006. Reasons to Purchase Market data enables you to compare the size and trends of compliance IT spend to identify those markets that hold the best potential Validate your solution portfolio development and go-to-market strategies against market trends |
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