Banks Spend Way More On Info Tech Than Any Other Business

Measured as a percentage of revenues, financial services firms spend more on IT than any other industry.

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The reasons for a higher use of IT in the banking industry are manifold. Financial service firms have to fulfill exacting regulatory requirements which translate into IT costs that do not contribute to the firms’ earnings.

Furthermore, banks rely heavily on IT in their back offices as well as their distribution channels.

How much does your CU spend on IT? Read the article to see how you stack up.