"Measured as a percentage of revenues, financial services firms spend more on IT than any other industry," writes Deutsche Bank's Heike Mai.
Here's a look:
"The reasons for a higher use of IT in the banking industry are manifold," writes Mai. "Financial service firms have to fulfil exacting regulatory requirements which translate into IT costs that do not contribute to the firms’ earnings. Furthermore, banks rely heavily on IT in their back offices as well as their distribution channels."
The banks don't break out exact IT expense figures, but some of the top consultancies have offered estimates. And the numbers are huge:
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