IT budgets set to increase for businesses in the financial sector

Following a recent study, it has been revealed that IT budgets are set to increase to a third of financial services organisations. Companies such as banks and insurance companies have stated that they are going to dramatically increase the money they spend on their IT infrastructure to improve the service their customers receive. With the issues we saw last year with some of the big name banks having embarrassing down time caused by IT issues, this comes as no surprise. They have actually stated that this takes over cutting costs within the business model. From the study carried out, 37% of respondents said that they expect to have the budget to carry out the necessary updates within three years. Some of the software and applications that these companies are using are so out of date that they are almost counting the days or weeks before something happens. This is a much needed change that will benefit all of us when it comes to dealing with businesses within the financial sector.

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