A Datamonitor report, released last week, predicts that European retail banks' IT budgets will shrink after 1999. Driven by the desire to achieve scale, through the fear of globalisation, and burdened by the headache of systems complexity, banks are reassessing their strategies to focus on brand and client value. This drive to implement new and update older technology has sent the banks' IT spending rocketing in recent years.
Datamonitor estimates that IT spending by European retail banks will peak at $21.7 billion by the end of 1999 but will then tail off to $20.2 billion by 2002.
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