North American Bank Priorities: Convention or Innovation?

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13 August 2006


Montreal, Canada August 14, 2006

Celent examines, analyzes, and contrasts the top IT goals and priorities of North American banks.

Bank CIOs carry a heavy burden. Tremendous emphasis is placed on IT in todays banking environment, and technology and business divisions are working hard to make sure banks' best interests are kept at heart. With IT facilitating the business goals of the bank, it is no wonder that bank IT requirements are so vast and diverse.

However, compliance and regulatory requirements are sucking up IT dollars and placing a noose around the necks of banks as they attempt to innovate and work on new projects.

In a new report, ?, Celent examines and analyzes through the eyes of bank CIOs bank IT and business priorities. The report presents a detailed analysis of the IT decision-making process at financial institutions. It reviews the top IT and business goals and priorities for banks, as well as specifics relating to IT spending and budgeting. It also delves into the rise of service-oriented architecture (SOA), the impact of compliance and regulatory requirements, and the prioritization of security initiatives. Finally, the report focuses on the area banks consider core to their entire operation customer-centricity.

"In order for banks to succeed, they must learn to innovate while working within regulatory and budgetary constraints," says Jacob Jegher, senior analyst in Celent's Banking group and author of the report. "Innovation comes in many shapes and sizes, and banks across North America must attempt to find their innovation niche and successfully prioritize new projects. Banks must spend their hard-earned IT dollars efficiently to differentiate, expand the client base, and ultimately grow revenues."

The report is 37 pages long and contains 27 figures. A table of contents is available online.