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Finance sector needs to invest in IT infrastructure or lose customers, says Intellect

Matthew Finnegan | Feb. 8, 2013
Report claims legacy systems are contributing to series of bank IT failures.

One of the problems cited by Intellect and its members is a lack of funding outside of core operation infrastructure. It is estimated that 80 percent of bank technology budgets are spent on basic systems, aimed at essentially 'keeping the lights on'. This compares with only 4 percent invested in non-regulatory driven innovation, such as improving the way a bank operates, or customer experience.

As part of the Financial Infrastructure Programme, Intellect seeks to create an open forum among banks, regulators and technology innovators, for the discussion of opportunities and challenges facing the industry's infrastructure, helping to facilitate a regulatory road map and "cohesive vision" to work towards.

 

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