Best Practice Report

Understanding How Financial Services Firms Manage Tech Buying In A Downturn

July 3rd, 2008
Ellen Carney, Principal Analyst
Ellen Carney Principal Analyst
With contributors:
Christine Ferrusi Ross , Emily Van Metre

Summary

The North American financial services industry — which includes banking, insurance, and capital markets — spends a lot on technology. But with the big downturn in financial services fortunes, many technology providers face longer decision cycles, some project cancellations, and pressure from purchasing organizations to reduce prices. As the banking and insurance sectors look to do more with less, what do tech providers need to know about strategic sourcing, procurement, and vendor management practices? It turns out that there are big differences between how banks and insurance companies justify, buy, and manage their technology procurements. Understanding these sector distinctions will help technology providers better weather the storm.

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