IT spending increasing in financial sector

March 23, 2005

A new poll conducted by Siemens Financial Services shows that 67.1 percent of financial executives confirm increased IT spending in their companies.

The survey was notable for asking questions about the strategic side of spending. For example, the survey found that 78 percent of respondents tie such spending to increased productivity and efficiency and 95 percent feel that investment "is necessary to avoid competitive disadvantages."

That's a high-level validation of IT spending, but the survey went on to gauge interest in specific technologies. Siemens Financial Services noted that 77 percent of respondents reported double-digit spending growth for IT equipment. Meanwhile, a third of companies have invested in VoIP, the foundation of the emerging integrated communications platform.

Surprisingly, only 16 percent of respondents had made radio frequency identification (RFID) investments. Expect that number to increase when the trickle-down from the Wal-Mart, Department of Defense, and many other extant mandates hits smaller suppliers.

Source: Line 56