IT in Banks: What Does It Cost?

 High IT costs call for an eye on efficiency.

Financial services firms will spend between USD 270 billion and USD 460 billion on IT in 2013 globally. IT cost figures in banking are estimates and differ substantially between different sources. 

Measured as a percentage of revenues, financial services firms spend more on IT than any other industry. Banks’ IT costs equal 7.3% of their revenues, compared to an average of 3.7% across all other industries surveyed.

 

The structure of IT

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