After a few “tumultuous” years following the banking crisis, IT spending in the financial services industry is set to rise, according to new research from Ovum. The firm says there is a consensus across the capital markets, corporate banking and asset management that technology spending will grow between now and 2018, with overall financial markets spending exceeding $100 billion in 2018.
The increase is mainly attributed to investments in IT that drive cost-savings within the business, Ovum says. After a weak 3.7 percent increase in IT spending in 2013, this year will see an increase across the sector, with 4.8 percent global growth, the firm says.
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