Banks' IT spending to hit $US60b in '07

IT spending in the banking industry will reach $US60 billion in 2007 as banks continue their efforts to cut costs and increase revenue, according to an IDC survey of 27 US banks

IT spending in the banking industry will reach $US60 billion in 2007 as banks continue their efforts to cut costs and increase revenue, according to an IDC survey of 27 US banks.

Respondents said they will devote most of their IT spending to delivery channels and back-office technology, while their investments in systems that support retail and wholesale product lines will increase at a slower pace during the next four years. Framingham, Massachusetts-based IDC said respondents' priorities included meeting regulatory requirements, CRM, risk management and attracting new customers.

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