HOBOKEN, N.J. — Banks are facing some of the same challenges that credit unions do when it comes to IT. The recent Celent report, IT Spending in Banking: A North American Perspective, found that banks are putting their funds into new investments. New investments by U.S. banks reached $9.3 billion last year, a 15.5% increase over 2006. Celent reported that banks are using the money "most notably" for risk management and compliance projects and security initiatives, among other things.
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