CIOs in the financial services industry are looking to reposition IT as a hub of innovation, driver of enterprise-wide collaboration and provider of more sophisticated, brand-differentiating technology products and services. So says the Financial Services CIO Advisory team of New York-based PricewaterhouseCoopers, which contributed to a recent report on the subject.

The Financial Services Technology Journal holds that many financial services companies, including insurers, that restructured their IT departments to provide standardized technology services on a supply-and-demand basis have not realized the cost-controlling benefits they hoped for.

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