Business Strategy: The Cost of Digital Transformation in U.S. Banking — The Critical Technology Investments in 2015 and Beyond
This IDC Financial Insights report outlines how much money is being invested by U.S. banks in digital transformation. After using 80% of the IT budget to pay for mandatory improvements in compliance, risk, security, and just keeping the lights on, it doesn't leave a lot to invest in the bank's future. In this report, IDC Financial Insights quantifies reports heard from CIOs and line-of-business leaders and validates that about 24% of the total IT budget in United States-based banks and credit unions is being used to enable digital transformation. And this investment is happening from two opposite ends of the institution, with line-of-business executives buying consumer-facing solutions to improve customer engagement and the CIO and IT groups trying to transform the bank's infrastructure from the inside out.
"It's like two teams of diggers making their way through a mountain to build a tunnel. They're hoping they'll be aligned when they meet in the middle. It's a $16.6 billion bet," says Jerry Silva, Global Banking research director for IDC Financial Insights.Please Note: Extended description available upon request.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook