Reconciliation Spending by Corporate Banks Will Nearly Double By 2005, According to Financial Insights
FRAMINGHAM, MA – JULY 28, 2003 – Reconciliation spending by corporate banks will nearly double by 2005 according to a new report by leading independent research and advisory firm Financial Insights. In the report, part of a new series that examines the awakening enterprise market for reconciliation solutions, Financial Insights forecasts and analyzes worldwide corporate bank spending on reconciliation technology through 2008.
Enterprise reconciliation – the consolidation of many processes to one or several platforms – is a viable cost-cutting strategy says Financial Insights. Fragmented back- and middle-office processes inhibit a bank's ability to manage costs by minimizing exceptions. Reconciliation is at the heart of most corporate banking processes and today this market is equally fragmented, with hundreds of disconnected and redundant solutions existing within single institutions.
"At tier-1 banks, pursuing enterprise reconciliation is a no-brainer," says Maggie Scarborough, senior analyst in Financial Insights' Corporate Banking group. "Millions of dollars can be saved by a single institution through scale economies. The trick some will miss is to leverage next-generation exception management capability to reap more potent efficiency."
The new report, titled "Reconciling Reconciliation Spending," projects global reconciliation spending based on region and bank size. Financial Insights says the prime motivator for corporate bank spend is scale economy.
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About Financial Insights, an IDC Company
Financial Insights provides independent research services to users and providers of financial industry technology. The company was formed in November 2002 by combining Meridien Research and the IDC Financial Services Advisory group. The Retail Financial Services practice offers four areas of focus: Payments, Channels, Customer Strategies and Wealth Management. The Capital Markets practice offers Trading Technologies and all aspects of Risk Management. The Corporate Banking practice covers cash management, wholesale payments, trade finance, and small business banking. Each practice delivers reports detailing new issues and challenges and uses its knowledge to advise clients on technology related decisions. Financial Insights is an IDC Company, headquartered in Framingham, MA. Visit www.financial-insights.com for more information.
IDC is a division of IDG, the world's leading IT media, research, and exposition company.
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