European banks will spend #18 billion on IT this year, a spree set to continue as they automate branches and create new electronic delivery channels.
The findings, published by research group IDC, show that the financial sector is still one of the top technology spenders, compared to other vertical sectors.
The investment is driven by demand for more efficient ways of accessing banking services, automation of branches and the need to be Euro-ready.
"The emerging demand for continuous and easy to access banking products is forcing banks to reorganise themselves and build up all kinds of separate channels to effectively distribute both old and new products,? said senior research analyst Barbara Blesio.
IDC's report, ?IT strategies for Banking Systems in Europe?, warns that IT suppliers need to be flexible enough to meet the changing demands of the European banking sector. Blesio said that the success of IT players would be measured on their ability to partner with banks and help them meet all their business challenges, including EMU issues.
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