Retail Banking Technology in Western Europe & North America: Business Update October 2008

The retail banking sub-sector of the Financial Services industry has undergone seismic changes during 2008. In this brief, Datamonitor examines the impact of the credit crisis on the competitive landscape, and considers what effect this will have on technology transformation programs and IT investment spending.

Report Highlights
The financial crisis has precipitated an unprecedented set of actions from governments, central banks and regulators in Western Europe and North America. The retail banking industry has transformed radically, with the metamorphosis set to continue to some time.

As a result of the financial crisis fewer banks will exist, new regulatory policies will reign-in irresponsible lending practices, deposit capture will be the order of the day, customers will demand secure and transparent financial products, and there will be a return to 'traditional' banking values.

Despite the appalling market conditions, IT budgets remain relatively unmolested, and existing projects are destined to continue (albeit with amended timelines). Future IT investment will continue, but with a refocused set of priorities to help bank's navigate the new competitive and regulatory landscape.
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Executive summary
Industry update
The impact on IT spending
Key take-outs
Further reading
Contact
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