FRAMINGHAM, Mass. — The coming year looks to be a big one on the credit global banking technology front, says industry analyst group Financial Insights.
The firm's recent survey of nearly 800 financial professionals led the analysts to predict that financial institutions will spend more than $170 billion on IT in 2008.
Bang for the buck, however, will be more difficult than ever for credit unions and banks to achieve. Analysts expect a softened dollar, weakening consumer credit markets and a faster pace to mergers and acquisitions to complicate an already competitive banking environment.
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