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Financial sector set to 'up' IT spending

Globally, spending on IT in the financial services sector is expected to experience positive growth in 2011, with companies looking to improve performance and comply with new regulations.

Independent technology analyst Ovum has predicted that overall the sector will post growth of 4.5 per cent in the coming year.

The figure eclipses the 0.3 per cent increase in IT spending by financial markets companies in 2010 and the 4.2 per cent decline in 2009.

Daniel Mayo, Ovum analyst and author of the new report, said that the growth will be driven by businesses striving to improve their performance and agility.

"The financial markets sector as a whole will be volatile in 2011, but this will not be detrimental to IT spending and will provide significant opportunities for vendors," he added.

"Businesses will be looking for IT systems that ensure their front offices are performing as well as they can, while they will want to make their back offices more automated."

The news may inspire a number of financial firms to invest in improved data quality and data collection tools to help better the information stored on their databases.

Posted by Richard JonesADNFCR-2366-ID-800248774-ADNFCR