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Financial Services Firms Again Seek To Renew Their Application Landscape

Findings From Our Q3 2010 Global Financial Services Architecture Online Survey

November 8, 2010

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Why Read This Report

During the summer of 2010, Forrester surveyed 80 IT decision-makers in financial services (FS) firms in Europe, North America, and, for example, Australia, Japan, and South Africa. Our findings show that an overwhelming majority of firms have both budgets and plans to renew their application landscape and core banking platforms. While each region shares a similar interest in core banking, differences in how to serve various channels exist between North America and Europe. Huge budgets, many exceeding €100 million, present no obstacle for a bank's or an insurance firm's renewal plans. With the renewal train re-accelerating, financial services firms need to get their tickets soon to defend their competitive situation.

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  • Participating Firms Represent The Financial Services Industry
  • A Majority Of Firms Have Begun Or Have Plans To Renew Their Application Landscape
  • Nearly Three-Quarters Of Respondents Believe Their Firm Needs A Major Renewal
  • The Top Five Drivers For The Renewal Of The Application Landscape
  • The Focal Points And Capabilities Firms Are Seeking To Support Their Drivers
  • Budget Estimates Exceed €350 Million
  • In-House Development Is Not The Major Source Of Functionality Anymore

Table of Contents

  • If You Have No Plans To Renew Your Application Landscape, You Are Alone
  • Key Drivers Accelerate The End Of Baroque Castles
  • Off-The-Shelf Apps' Maturity Alleviates The Need For Custom Development
  • WHAT IT MEANS

  • Firms Need To Review Their Starting Point To Avoid New Baroque Castles
  • Supplemental Material
  • Related Research Documents

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