Maintenance of existing infrastructure will continue to dominate global information technology spending among financial institutions in the next few years, according to a new report from Celent.
The Boston-based financial research and consulting firm said its analysis shows that 72.8% of total IT spend in the sector is on maintenance, a number expected to drop to 70% in 2013.
"Economic conditions and the financial crisis have resulted in a slow moving shift to increased spending on new investments. This will change as financial services firms put greater emphasis on innovation. It will, however, take several years before it has a material impact," the think firm said.
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