Close
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Latest News
    • Small Business

    IT Improvements, Converged Systems Investments Coming in 2014

    By
    Nathan Eddy
    -
    August 2, 2013
    Share
    Facebook
    Twitter
    Linkedin

      Large North American financial institutions will spend $73.8 billion on IT improvements across software, hardware and professional services in 2014 as firms transition investments from “run the bank” to “change the bank,” according to technology market research and consulting firm Technology Business Research’s (TBR) Banking and Financial Services SourceIT report.

      A concurrent report from the company estimates large U.S. enterprises will spend more than $3.8 billion in the next 12 months on converged systems, which TBR defines as pre-integrated or pre-validated stacks of compute, storage and networking hardware.

      Back to financial institutions, the overall 2014 IT budget growth rate hovers at 2 percent, and the report noted large banking organizations are increasing investment in multichannel banking and data management to improve system performance to meet customer demand for improved service and an enhanced user experience.

      “IT is clearly becoming more strategic for financial services companies, helping them maintain the status quo and acting as an accelerator for strategic business shifts,” TBR senior analyst Allan Krans said in a statement. “Although budget increases are modest, we see strong commitment and funding for IT projects that positively impact the customer experience occurring during the next 18 months.”

      The report integrates surveys and interviews with IT and business executives at 201 large North American financial organizations, representing 20 percent of the IT opportunity and mapping IT spending across software, infrastructure and professional services in 2014. Key categories detailed in the report include industry applications, back-office business applications, productivity, BI and analytics, database and middleware, systems management and security.

      According to survey results, banks favor vendors established in the financial services industry and with which they have pre-existing relationships to implement the required improvements, signaling significant opportunity for identified vendors. Research showed that nearly three-quarters (74 percent) of decision makers are at “empowered organizations”–highly aggressive IT adopters with highly distributed IT spending.

      For the second study on converged systems, TBR surveyed more than 400 IT decision makers at medium and large enterprises as part of the report and determined the average budget allocated for a converged infrastructure solution is almost $900,000, with one-quarter of respondents anticipating to spend more than $1 million.

      The report indicated the adoption of converged systems is gaining momentum across a wide range of industries, including retail, manufacturing, government and health care, with financial institutions and banks leading adoption rates.

      “Customers are deploying converged systems to accommodate a wide range of workloads,” Christian Perry, senior analyst for data centers and in TBR’s Computing Practice, said in a statement. “However, the workloads that influence the purchases of converged systems are not always the same as those actually deployed after purchase. This reveals that customers are finding use cases for these systems beyond what they expected prior to purchase.”

      Nathan Eddy
      A graduate of Northwestern University's Medill School of Journalism, Nathan was perviously the editor of gaming industry newsletter FierceGameBiz and has written for various consumer and tech publications including Popular Mechanics, Popular Science, CRN, and The Times of London. Currently based in Berlin, he released his first documentary film, The Absent Column, in 2013.

      MOST POPULAR ARTICLES

      Cybersecurity

      Visa’s Michael Jabbara on Cybersecurity and Digital...

      James Maguire - May 17, 2022 0
      I spoke with Michael Jabbara, VP and Global Head of Fraud Services at Visa, about the cybersecurity technology used to ensure the safe transfer...
      Read more
      Big Data and Analytics

      Alteryx’s Suresh Vittal on the Democratization of...

      James Maguire - May 31, 2022 0
      I spoke with Suresh Vittal, Chief Product Officer at Alteryx, about the industry mega-shift toward making data analytics tools accessible to a company’s complete...
      Read more
      Big Data and Analytics

      GoodData CEO Roman Stanek on Business Intelligence...

      James Maguire - May 4, 2022 0
      I spoke with Roman Stanek, CEO of GoodData, about business intelligence, data as a service, and the frustration that many executives have with data...
      Read more
      Applications

      Cisco’s Thimaya Subaiya on Customer Experience in...

      James Maguire - May 10, 2022 0
      I spoke with Thimaya Subaiya, SVP and GM of Global Customer Experience at Cisco, about the factors that create good customer experience – and...
      Read more
      Cloud

      Yotascale CEO Asim Razzaq on Controlling Multicloud...

      James Maguire - May 5, 2022 0
      Asim Razzaq, CEO of Yotascale, provides guidance on understanding—and containing—the complex cost structure of multicloud computing. Among the topics we covered:  As you survey the...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2021 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×