According to a recent survey conducted by CDM Media, CIOs and IT executives in the banking industry will focus on making technology investments more efficient in the next 24 months.
The survey, which was taken by 40 CIO Finance Summit attendees throughout the months of July and August of 2009, revealed that 85 percent of attendees plan to improve the ROI on their technology purchases. Attendees represented large to mid-size banks in North America.
Even though the economy is beginning to recover from the recession, it seems that technology executives in the banking industry are resolved to “make it do” (as the Great Depression adage goes), as opposed to replacing existing technology.
Other long term goals, as indicated by the survey, include improving business continuity by minimizing disruptions, and managing risks. Sixty and 65 percent, respectively, of survey participants indicated that they plan to focus on these initiatives over the next 24 months.
Despite this focus on improving ROI, IT executives in the banking industry do plan to implement some new technologies. Over the next 2 years, almost 50 percent of all survey respondents plan to implement mobile banking technology at their organizations; while 45 percent plan to implement virtual servers/virtualization technology.
Thirty-two percent of these CIOs and IT executives, reported that their 2010 IT budget has increased from last year. Thirty percent reported a budget decrease, while twenty-two percent reported that their budget will remain the same.
Do these survey results reflect your organization’s future IT plans?