New research from global analyst firm Ovum suggests that money spent on IT services in the global wealth management industry will accelerate between now and 2017, eventually reaching £20 billion.
Increasing financial strength from clients is the motivation behind further investment in online and mobile segments of the wealth management sector. Predictions show that worldwide investment in this field will grow 4% in 2014 and will peak at growth of 4.5% in 2015.
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Another priority will be improving client trust, through higher sales and servicing effectiveness, in the next year. This will also drive further investment into front office IT.
Jaroslaw Knapik, senior analyst at Ovum, said: "IT is under the same pressure as other parts of the business in that it needs to control costs while funding investments to meet regulatory and strategic requirements. This will lead to low-cost, digital channels and back-office transformation projects."
The research is supported by a survey conducted by Ovum’s ICT Enterprise Insights which revealed that over 50% of senior ICT executives are set to increase their budgets by 6% or more between 2013 and 2014, driving spending to £20 billion by 2017.
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By GlobalData
