Financial services firms increasing IT spending: survey

IT execs in the financial services industry say they plan to increase tech spending and use more managed services as they struggle to process data faster, less expensively and more reliably.

That's the consensus among more than 100 CIOs and technology executives polled by Bloomberg. The survey respondents were attendees at Bloomberg LINK's Enterprise Technology Summit, held earlier this month in New York.

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Among the attendees surveyed, 76% plan to increase IT spending over the next 12 months, 17% are cutting back on spending, and 7% are keeping spending levels flat.

More than half (55%) expect to shift more of their overall capital expense to managed solutions, while 33% won't and 12% don't know.

A key driver of spending is compliance: 84% of respondents have increased spending on regulatory and compliance systems in the past two years. Just 5% decreased compliance spending, and 11% have kept it flat.

When asked what infrastructure investments have yielded the most return on investment in the last year, cloud computing ranked highest with 45% of the responses, followed by low-latency trading (33%) and complex event processing (23%).

Follow Ann Bednarz on Twitter: twitter.com/annbednarz

Read more about data center in Network World's Data Center section.

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