U.S. bank chief information officers expect their information management programs will continue to be underfunded, according to a new survey.
Two-thirds of respondents reported that their programs were "just surviving," indicating that CIOs were unhappy with their current programs, consultant Capco, which commissioned the study, said Tuesday.
Two-thirds reported that their bank spent less than $25 million in the past five years on information management. At least half of the information management programs have been around for less than five years with a quarter of programs more than 15 years old.
Forty-three percent said that the CIO was the sole steward for the information management program and was responsible for administering data management policies across the bank while the same number said that their programs were co-owned by the business side.
Thirty-eight percent of respondents indicated that they did not effectively use analytics while a third said they did. Most participants said that their information management programs were capable of meeting increased regulatory requirements.
The Banker magazine, based in London and owned by the Financial Times Group, conducted the survey between March and May. It included responses from 21 CIOs and technology professionals.