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Financial services spend hits $114bn

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According to a new IDC Financial Services Insights Perspective, Worldwide Financial Services 3rd Platform IT Spend 2014-2019 – Opportunities Abound, the financial services industry spent $114-billion worldwide on mobility, cloud, and big data and analytics (BDA) technologies out of a total worldwide financial services IT spend of $455-billion.

In other words, financial institutions spent more than 25% of IT budgets on just these three transformative technologies in 2015. According to the report, this will increase to almost 30% by 2019.

“The advance of the 3rd Platform and its four pillars – mobility, cloud, big data and analytics (BDA), and social business – has caused a fundamental shift in how financial services companies are consuming and budgeting for IT and applications. Furthermore, the 3rd Platform is creating the most significant opportunities for financial institutions in decades,” says Karen Massey, senior research analyst at IDC Financial Insights.

“Financial institutions are increasingly leveraging these four pillars to transform their businesses, with a keen focus on three of the pillars – mobility, cloud and BDA.”