The years immediately following the financial crisis were extremely challenging ones for the financial services industry. For the last few years, most bank IT budgets have been monopolized by regulatory compliance, matters related to running the bank, and cost-cutting initiatives, with little to no focus on growth. Further, many of the growth initiatives banks planned for 2011 were put on a back burner or never came to fruition. Despite this, banks continued to see the value of technology and to invest in IT during even the most challenging times. Most institutions enjoyed a small increase in IT spending — about 3% … Continue Reading →

Just like any other continent, Africa has not been immune to the impact of the credit crunch and subsequent economic recession. Even so, a conservatively managed system of banks, lack of banking system legacies, and counter-cyclical growth of prices of commodities of which African countries are preeminent producers had the net effect of growing gross domestic product (GDP) and trade figures in African countries. Given these premises, Aite Group has been researching cash management and trade finance solutions that African banks currently offer their corporate clients. Trade is the main indicator of contribution to growth in many developed and developing countries. … Continue Reading →

Mergers and acquisitions within the financial services technology industry are picking up speed. Momentum is being driven by financial institutions once again focusing on growth, and technology providers looking to take advantage of new market opportunities while deepening customer relationships through more effective cross-selling. Financial institutions are also looking to limit their number of vendor relationships, making it difficult for niche players to compete against larger providers with full product portfolios. The market can therefore expect to see many of these niche players joining forces over the coming months to better meet bank technology needs and offer bundled pricing for … Continue Reading →