-- Poll reveals shift in priorities and increased demand for analytic technology
The CROs said rising competition is driving the need for technology that will provide a return on investment, and rated regulatory compliance and regulation as less important than in 2013.
The poll also revealed a growing appreciation of the role customer relationship management technology has in driving profitability. About one-third of respondents (34%) estimated that 10-25 percent of their organization's IT spend will be set aside for 'customer-centric' IT, as opposed to organizational IT.
"Allocating IT budgets to improve customer centricity shows an organization's desire to increase their competitiveness and grow market share," said
The CROs also identified their top priorities for technology investments in 2014. Originations was ranked first, followed closely by mobile banking and marketing. The expansion of existing customer relationships through the use of data analytics allows banks to take a more targeted, personalized marketing approach.
When it came to banks' priorities in risk and compliance investments, credit risk was the clear leader. This shows the value banks are now placing on the sustainable growth of loan books to ensure delinquencies are kept at bay.
"Sharpening analytic capabilities is essential to optimizing decision management and meeting multiple business objectives," said
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