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Banks overspend by 40 percent on IT

Anh Nguyen | Nov. 9, 2011
UK banks spend up to 40 percent more than the market price for IT services, according to research from analyst and consultancy company Compass.

Expensive IT contracts also result from banks asking for unnecessarily high service level agreements, the Compass research revealed.

"For example, some clients had back office on 24/7 support cover, as part of a blanket provision, when they don't need so much," Craig said.

Compass looked at the whole range of available IT services, including the desktop environment, hosting, voice and data services and application development and support.

 

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