European investment banks will spend #2.7 billion on IT within five years, making them the largest IT spenders in the region, claims a report from research company Datamonitor.
Accord to the report, 'IT in European Investment Banking and Capital Markets', the banks will spend #2.7 billion a year on their IT within five years. Internal IT expenditure accounts for almost half of this.
The UK takes the lion?s share of this market - 65 per cent in 1997 - because it is the most active of the European stock markets, says Datamonitor.
Investment banks are continuing to centralise their back office systems within the UK, before and after the introduction of EMU and after Year 2000 projects are finished.
The report says that investment banks upgrade hardware every six months. Currently, they spend nearly #700 million on IT, with 30 per cent of this figure going to external services.Standard software and professional services represent the biggest areas of expenditure.
These banks are prepared to invest in infrastructure for up-and-coming technologies including ATM, so that they will remain competitive at the desktop.
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