Financial services spent a bundle on new technology

Clouds over the Old Power Station, OxfordA report by market research firm IDC said financial services giants spent around $114 billion on big data, analytics, cloud computing and mobility this year.

IDC describes this market as the “third platform” and said the four pillars of this temple are mobility, cloud, big data and analytics, and social business.

Karen Massey, a senior research analyst at IDC, said these four elements have “caused a fundamental shift in how financial services are consuming and budgeting for IT and applications”.

Mobility includes hardware like smartphones and tablets;mobile software; and mobile services.

Cloud includes software as a service (SaaS); Platform as a service (PaaS) and infrastructure as a service (IaaS).

Big data and analytics is important to financial service companies because it helps to optimise business, improves compliance and “engages customers by using data driven deision making”.