NEWTON, Mass. Financial services companies will spend $27 billion on technology next year to build their wholesale or business-to-business operations, up 12.5% from this year, according to a report from Meridien Research.
Most of the spending will be done to improve internal processing and market-making systems by enhancing data quality, electronic procurement, and accountability for information-technology investments, Meridien said.
Financial companies in North America and Europe will each account for 40% of the technology spending, Asia/Pacific for 15%, and the rest of the world 5%, Meridien predicted.
Banks will spend 55% of the total; securities/investment firms 25%; insurers 15%; and nonbanks 5%, the report said.
