In Dodd-Frank Era, IT Indulgences Fewer and Farther Between
With new compliance rules blossoming in the recession’s wake, retail lenders’ 2011 IT budgets are not exactly nimble.
That was one sentiment noted in an Aite Group LLC report released today. From the report:
“Overall, with all the uncertainties surrounding the Dodd-Frank Act, the feeling is that 2011 will be a year in which not much gets done, technology-wise, unless it’s a quick fix, work in progress, or a decision (i.e., managed services) that does not impede the availability of IT resources when new guidelines come down.”
Still, the report highlights a number of technology types that lenders would love to incorporate into their businesses. Scoring the most wanted title, for one, is an enterprise risk dashboard.
“’What if There Could Be’ award goes to middleware that enables open applications to exchange data, then turn data into information, which is then managed in transparency. Ultimately, actionable information available in real-time would be presented to the risk executive and other C-level management on personalized dashboards.”
Other products that surfaced on lenders’ wish lists include: a loan origination solution to cover all consumer and commercial product types, a multi-channel seamless integrated platform, as well as more data and predictive analytics.
Aite’s research was collected throughout Q1 2011, and polled 21 senior lending execs from the top 50 banks, thrifts, credit unions and finance companies.
