Boston, MA, September 14, 2009 – A new report from Aite Group, LLC presents the IT directions anticipated by North American bank CIOs for the next 24 months. The report, based on an online July-August survey conducted by Aite Group among 80 North American banks and credit unions, including 40 of the top 120 U.S. banks and top five Canadian banks by assets, and 40 community banks and credit unions, reveals the specific areas toward which banks are likely to direct their spending over the next two years.
If the economy is headed toward a recovery, it has not yet affected bank CIOs' budget expectations. In fact, the vast majority of North American bank technology executives (72%) expect their budget to stay the same or decrease in 2010, a situation very comparable to that in 2009. Bank CIOs have managed their budgets thriftily for the past two years, and expect to do more of the same in 2010. As such, a majority of North American bank CIOs plan to focus on improving efficiencies and cutting costs.
"The road ahead will be a difficult one for vendors," says Gwenn Bézard, research director with Aite Group and co-author of this report. "Vendors need to rapidly adjust their sales process to account for the rising number of stakeholders involved in IT decisions. They should train their sales force to build momentum more effectively through IT decision influencers with distinct agendas. It is not enough to target only the business side beyond IT; functions like risk and compliance, operations and finance must also be targeted."
This 44-page Impact Report contains 31 figures. Clients of Aite Group's Retail and Wholesale Banking services can download the report.