I met a large bank’s CIO the other day who was told to reduce his IT budget for 2016 by 40%. He was a bit upset, and asked me if I had any ideas?
I had a few but it’s a tough ask, especially when most banks IT budgets are exploding. According to Celent banks in North America, Europe and Asia-Pacific are expected to spend a whopping $196.7 billion on technology in 2015, up from $188.1 billion last year, so how do you spend less in a market that is spending more? And why would you spend less in a market that is spending more?