Finance firms rebuilding using IT from service providers

I met Mike Powell, global head of enterprise information, at Thomson Reuters this morning.

We were discussing a big project the company is running to speed up its data services to its investment industry clients.

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During the conversation I asked him about outsourcing. Although Thomson Reuters has built the software for the project we discussed in-house he said there was a trend for financial services firms to buy what they can.

He also said that companies in the finance sector do now appear to be building their businesses up again following the credit crunch and economic downturn.

“The appetite to build is less than before. people do want to differentiate themselves but do not want to spend on core capabilities that are available through suppliers.”