Banks close vault door on IT spending

Financial institutions have closed the vault door on new IT spending initiatives with Meridien Research predicting a significant drop in 2002.

Retail financial services globally will spend $33.8 billion in 2002 on strategic technology compared to $36 billion in 2001, the analyst firm said.

Financial institutions in the Asia Pacific will account for 21 per cent of total strategic IT spending compared to 36 per cent in North America and 33 per cent in Europe.

Meridien's research director Bill Bradway said banks will account for 53 per cent of the total spend, insurers 18 per cent, securities/investments firms 18 per cent and non-banks 11 per cent.

"The year 2001 contained some surprises for the financial industry including regional recessions, a global slowdown and September 11," he said.

In the wake of these developments Bradway said financial institutions have reassessed IT spending in strategic technology initiatives for the year ahead.

Meridien defines strategic technology initiatives as investment in new or emerging areas to capitalise on market opportunities. The top ten IT initiatives for 2002 are listed at

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