CNews Analytics agency has published its annual review ”IT in Banks and Insurance Companies”, which includes a rating of major bank IT suppliers. The rating was based on the results of the activity of market participants in 2015. Center of Financial Technologies was second in the rating of Russia’s major IT developers.

According to CNews analysts, in 2015 the informatization budgets of financial institutions lowered, which led to poor growth, and in some cases reduction in the yield of IT vendors in the financial sector.

Banks were forced to cut down their costs for capital infrastructure but they still spent money on software solutions, in particular in the field of information security and development of new customer service channels. Stabilization of exchange rates holds out a hope of more positive dynamics of the market of IT in the financial sector for 2016–2017.

The IT expenses of banks are of clear anti-crisis nature – financial organizations optimize their infrastructure costs with clouds and outsourcing, and invest in client and analytical solutions in order to maintain the level of yield. Introduction of new bank reporting in the nearest future will motivate the banks to expand their IT budgets.

Representatives of other financial market segments – non-credit financial organizations, have been quite passive in terms of informatization so far. And, whereas microcredit organizations at least consider using analytics for risk assessment, insurance companies continue living in the “paper age”.

Read the review “IT in banks and insurance companies”