Retail Banking Technology Spending Strategies in Australasia (Analyst Insight)
Datamonitor
May 26, 2009 264 Pages - SKU: DFMN2272573
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Between October 2008 and February 2009, and against the dramatic backdrop of the global financial crisis, Datamonitor conducted its latest investigation into the technology spending strategies of retail banks in Australia and New Zealand.
Scope- The survey involved discussing strategic operational and technological imperatives with decision-makers responsible for IT investment.
- Datamonitor's survey involved conducting structured interviews comprised of three sections: demographics, IT budget changes and technology adoption.
Highlights- The key findings of the survey indicate that business transformation and off-shoring projects are leading strategic goals in 2009. Encouragingly, carefully targeted investments will be made in key operational and technological areas.
Reasons to Purchase- Gain insight into the IT investment priorities within Australasian retail banks in 2009.
- Understand the effects of the financial crisis on the IT budgets of Australasian retail banks.
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- OVERVIEW
- Catalyst
- Summary
- ANALYSIS
- Like their European & North American peers, Australasian banks face a difficult year in 2009
- Australia's banking sector and current economic environment
- New Zealand's banking sector and current economic environment
- Economic conditions are influencing IT budgets in 2009
- Gauging the effects of the financial crisis on the IT budgets of Australasian retail banks
- 2009: the year of cost reduction and revenue generation initiatives
- Business transformation and off-shoring projects are leading strategic goals in 2009
- Carefully targeted IT investments will be made in key operational and technological areas
- Regulatory compliance has a partial influence on IT spending
- The re-engineering of existing core systems is the strategy favored by Australasian banks
- Investments will be made in a range of payment technology areas
- Spending is increasing on branches, as banks seek to improve sales-through-service
- APPENDIX
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Declining GDP in Australia and New Zealand, Q3 2008 to Q1 2009
- List of Figures
- Figure 1: Key events in response to the financial crisis in Australasia
- Figure 2: IT budgets have decreased or remained flat
- Figure 3: The financial crisis has directly affected IT spending within Australasian retail banks
- Figure 4: Cost reduction and revenue increasing initiatives are of paramount importance
- Figure 5: Business transformation and off-shoring programs are strategic goals for IT in 2009
- Figure 6: Australasian banks are increasing IT investment in a broad number of business areas
- Figure 7: Security software and business intelligence are leading technology investment areas
- Figure 8: Compliance is influencing investment in risk management and fraud detection
- Figure 9: Re-engineering the core system is the leading strategy for Australasian retail banks
- Figure 10: Banks plan to invest in anti-fraud technologies and strengthen access to online sites
- Figure 11: The branch network is the leading channel for increased IT investment in 2009
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