The financial services industry spent $114 billion worldwide on mobility, cloud and big data and analytics (BDA) technologies out of total financial services IT spending of $455 billion, according to IDC Financial Insights.
In other words, the firm says, financial institutions spent more than one quarter of their IT budgets on just these three transformative technologies in 2015. The report forecasts that this will increase to almost 30% by 2019.
"The advance of the 3rd Platform and its four pillars—mobility, cloud, big data and analytics, and social business—has caused a fundamental shift in how financial services companies are consuming and budgeting for IT and applications,” Karen Massey, senior research analyst at IDC Financial Insights, said in a statement.
“Furthermore, the 3rd Platform is creating the most significant opportunities for financial institutions in decades," Massey said. "Financial institutions are increasingly leveraging these four pillars to transform their businesses, with a keen focus on three of the pillars—mobility, cloud and BDA."
IDC says mobility is increasingly seen as an enabler to increasing sales, improving productivity and delivering customer and employee satisfaction.
Financial companies are embracing the cloud for both efficiency gains in business processes and improvement in customer acquisition and experience. And big data and analytics are instrumental in financial services accelerating innovation, driving optimization, improving compliance and engaging customers by using data-driven decision making.