With IT intensity in the financial services industry among the highest when compared to other sectors, wealth management IT executives need to balance a range of priorities in directing their IT spending. Understanding industry trends and priorities helps wealth managers to benchmark themselves against their peers.
- The increased strength of the client is driving investments in channels and product development, predominantly in online and mobile delivery, making this the area with the highest spending growth across geographies. Wealth managers also need to focus on improving client trust, which translates into increasing sales and improving servicing effectiveness.
- Results from the recent Ovum's Enterprise Insights study of nearly 200 wealth management institutions across the Americas, Europe, and Asia-Pacific reveal that reducing operating costs and supporting revenue growth are the most important objectives impacting IT investment strategy in 2013.
- According to Ovum's technology market sizing and forecasts, IT spending growth in the global retail banking industry is expected to accelerate in 2014 and grow at a rate of 4.0%, up from 3.1% in 2013.
- Provides executive perspectives on key drivers and priorities in IT strategy in 2013.
- Identifies IT spend growth areas in wealth management to 2017.
- Which countries and markets will see the strongest IT spend growth in the short and medium term?
- Where are my peers allocating spend across business functions?