Resources for Sarbanes-Oxley (SOX)

Banks Turn to SaaS to Stretch IT Budgets

www.banktech.com

One word summarizes today’s banking climate: volatile. Bank CEOs are focused on capital markets, fall-out from the subprime debacle, and the pace of merger and acquisition. FDIC’s last Quarterly Report for 2007 points out the realities facing today’s banking leaders. With banking quarterly income at the lowest levels in 16 years, eroding margins, earnings volatility, non-current loans rising and one in four banks losing money, IT managers will continue to face enormous challenges in 2008.

IT managers project that security and compliance requirements will be the top priority for 55 percent of banks in 2008, reducing budgets for marketing, product and relationship initiatives. Although 45 percent of banking managers cite customer relationship management (CRM) as a top priority, most agree that a growing percentage of the IT CRM budget risks being siphoned.

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