Our sister publication, Bank Technology News, profiled its IT spending forecast for 2011. The 11-item list includes:
1. Chris and Barney Regulatory compliance is always a large IT outlay, but the politics of the recovery will make tech that helps banks follow the new rules a goldmine for GRC providers. The Dodd-Frank law is just one of many regulatory changes-RESPA, Basel III and new credit and debit card rules are also on tap-requiring banks that do business in the States to collectively spend billions on data mining, account aggregation, risk management and reporting technology. And the possibility of bank exposure to Wiki-leaks style risk will only up the ante in the months to come. The regulatory burden will lead to a boost in data integration and formatting tools, since Dodd-Frank will add more agencies that will request greater amounts of data, but do so in a manner that's not standardized among agencies. Additionally, business intelligence software that can allow a real-time view of progress will get attention. "It's not just about the amount of risk exposure, but providing a view as to how an institution is complying with new requirements," says David Wallace, global financial services marketing manager at SAS.
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