Out-Law.com: Need for regulatory compliance to drive 2014 increase in IT expenditure in financial services sector, predicts Ovum

Most financial services businesses are set to increase their IT expenditure next year in an effort to meet new regulatory requirements, according to market analysts Ovum.

Ovum surveyed 200 people involved in the banking industry across the world and found that 67% were intending to spend between one percent and six percent extra next year on IT infrastructure, with the benefits of cloud computing and growth prospects identified as main drivers of the increase.

Ovum said that forty percent of financial services companies' IT budgets are currently spent on systems that can help them achieve regulatory compliance, and predicted further growth in IT spending in the market for this purpose.

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