Business Trends: European Retail Banking Technology 2008 (Customer Focus)

This report examines top business challenges, IT budget outlook and spending priorities among retail banks in Europe.

Report Highlights
The credit crisis directly impacted IT investment budgets in 2008, and this trend will unsurprisingly continue in 2009. As a direct result, cost reduction and increased efficiencies are the most important business objectives for IT investment strategy in 2009.

Despite difficult trading conditions, carefully targeted IT investments will continue. Investing in online channels is a high priority, as the technology reduces the total cost to serve. IT investment in the branch network is increasing, as banks look to increase efficiencies and enhance sales-through-service initiatives to drive revenues.

The replacement of the core system appears to be firmly off the agenda in the next 3 years, and banks will seek to leverage previous investments. However, mobile banking is becoming commonplace in Europe, with banks either providing some form of service today or planning to do so in the next 3 years.
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