IT leaders in US banks do not expect their budgets to increase next year despite signs of a global economic recovery.
According to a report on the largest banks in the US and Canada, 72% of CIOs expect budgets to stay the same or fall next year. Cost cutting will be top of CIOs' to do lists.
CIOs were already under pressure because cuts were made following the start of the world economic crisis, which began to hit banks about a year ago.
"Bank CIOs have managed their budgets thriftily for the past two years, and expect to do more of the same in 2010. As such, a majority of North American bank CIOs plan to focus on improving efficiencies and cutting costs," said the report from Aite Group.
The research also said that technology suppliers must target more than traditional IT decision makers if they are to be successful selling to banks.
"The road ahead will be a difficult one for vendors," said Gwenn Bézard, research director at Aite Group. "Vendors need to rapidly adjust their sales process to account for the rising number of stakeholders involved in IT decisions. They should train their salesforce to build momentum more effectively through IT decision influencers with distinct agendas."