Retail Banking Technology Spending Strategies in Australasia (Analyst Insight)

Published by: Datamonitor

Published: May. 26, 2009 - 264 Pages

Table of Contents

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

Abstract

• 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.

• 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.

• 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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