News Analysis

Financial services technology predictions for 2010

The last couple of years in the financial services sector have been volatile to say the least. Now that the dust of the sector's meltdown is settling Computer Weekly asks the experts what they think the key IT priorities will be in 2010.

Chris Skinner, chairman at financial services think tank the Financial Services Club, says mobile banking will increase this year.

"There was lots of stuff bubbling away last year but this year it will take off. Mobile phones could be used as payments terminals," he says.

Brian Taylor, managing director at BTA Consulting, which operates in the investment sector, says this year will be make or break for the London Stock Exchange.

"2010 will see the success or otherwise of the London Stock Exchange's Millennium IT acquisition. It will be in trouble if it does not deliver," he says.

Mike Hampson, director at Bishopsgate Financial Consulting and formerly head of transactional banking at ABN Amro, says a handful of banks will increase their IT budgets and start vying for the best IT talent.

He says, "There will be two tiers of IT investment. One tier will be banks spending on strategic projects and the other will be survival and integration.

"There is a lot of growth planned for a number of players and I think contractors and consultancies may be used a lot because the banks will not want to recruit too many people."

Bob McDowall, senior analyst at TowerGroup, does not expect banks to start throwing money at IT.

"There will continue to be under-investment in IT in the financial services sector because organisations continue to take a tactical approach to investment, rather than a strategic approach," he says.

Tony Rawlinson, managing director financial services at sourcing consultancy Equaterra, says mergers in the banking sector will drive realignment of IT contracts.

"When I look at what's hot and what's not in outsourcing in financial services I see 2010 being a year of restructuring, Equaterra expects further mergers and acquisitions on the client side and additional consolidation on the vendor side, all driving re-alignment of outsourcing contracts alongside new deal flow," he says.


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