2014-04-17 05:03:02 - Global Banking IT Spending Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Banking IT Spending market is to grow at a CAGR of 3.51 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for risk management systems. The Global Banking IT Spending market has also been witnessing the increasing use of social media as a marketing tool. However, cyber security issues could pose a challenge to the growth of this market.
The crust of banking lies in customer loyalty. Social media nowadays is not restricted to only Twitter or Facebook rather the potential of social media is beyond that. With the help of social media platform the banks can know about the customers demand and needs and can design products and
solutions addressing those needs which lead to innovation in the products. Social media platform serves as an effective marketing tool as well as sales platform wherein banks can reach to the wider customer target base. It also helps in customer relationship management which is the core of banking. Social media also helps in enhancing the brand image of the bank. American express is a very good example that has used social media to enhance their brand image/value. They started an ´open forum´ for the business community in order to increase the interaction within the virtual space, which proved veru successful Banks can use this platform to serve customers´ queries and start discussion forum specific to the segments plus. They can also use this platform to distribute messages, alerts, and can inform their customers about new products and services.
One of the major drivers is the increasing demand for risk management systems. This is a result of volatility in the market scenario, which results in currency fluctuations. Hence, the need for implementing IT in the Banking industry helps bankers perform better risk analysis.
One of the major challenges is the growing concern over cyber security. This concern is growing ever more considering the growing demand for the online banking platforms.
The key vendors dominating this space include Dell Inc., Hewlett-Packard Co., IBM Corp., and Microsoft Corp.
The other vendors mentioned are Accenture plc, ATOS Origin S.A., Capgemini S.A., Cisco Systems Inc., CGI Group Inc., Computer Sciences Corp., EMC Corp., Fujitsu Ltd., HCL Technologies Ltd., Hitachi Ltd., Intel Corp., Logica, Oracle Corp., SAP AG, and Wipro Technologies.
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