Service Professionals to Dominate Retail Bank IT Budgets

Internal and external services professionals will absorb 60% of U.S. retail banks' IT spending by the year 2002, according to a new study from Datamonitor (New York). The report,

IT in U.S. Retail Banking, says that people will become a crucial component of IT plans, outpacing spending on hardware and packaged software by 2002. Outsourcing and systems integration will also show signs of healthy growth, according to Datamonitor analyst Christine Min. The report also predicts that call center expenditures will increase 63% by the year 2002, and customer and management information systems will expand by a third. Debit and credit card processing growth is also predicted. For an executive summary of the report, contact Tara Rummell at (212) 686-7400 ext 162.