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IT in the Financial Sector – The Key to Thriving in a Challenging Economy
A Quest Software White Paper by Don Jones, Co-founder of Concentrated Technology and Microsoft MVP
www.quest.com
Abstract
Consolidation of financial institutions, both large and small, has become increasingly common. In the past, these institutions were able to take months or even years to fully integrate their respective technology investments. The increased business growth from the combined organizations would often result in a larger IT staff size, more IT projects, and generous IT budgets. Prior to this decade, there were fewer legislative requirements and security concerns consuming IT resources. IT was free to focus almost entirely on projects that added direct benefit to the bottom line and was considered a strategic and tactical asset for increasing revenue and lowering costs. The economic downturn has shifted this paradigm – a large IT staff and budget is no longer considered an asset. Instead, it is regarded as redundant and expendable.
Financial institutions that accept governmental assistance through the Troubled Asset Reduction Program (TARP) or other sources now face public visibility and massive demands by shareholders for as-fast-as-possible increases in revenue and reductions in costs. They must now try to meet these demands as well as additional legislative requirements, industry rules and regulations and potential security threats. Despite these challenges, technology executives are facing downsizing and budget cuts as financial organizations take drastic measures to put themselves on a sound footing for the future.
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