New research from document automation business UpSlide reveals that the investment banking sector is wasting millions on underutilized and badly managed software.
|- Despite budget pressure, 68% of investment banking IT leaders say budgets are being wasted on underused tech
- 17% of investment banking IT leaders with $10million+ budgets losing half of their budget to underused and redundant software
- IT budget cuts impacting customer service and the bottom line
With the Federal Reserve hinting at further rate cuts before the end of the year, cautious optimism is returning to the investment banking sector following a period of macroeconomic uncertainty with M&A volumes up 20% on last year.
Nevertheless, a looming election and global conflict continue to weigh on sentiment. So, while investment banks are willing to invest, there's a renewed focus on return on investment (ROI).
In a survey of more than 600 IT and innovation professionals in the investment banking industry, UpSlide found that 94% of respondents said they have faced budget cuts this year, with one-third by over 20% as the sector has looked to scale back in the face of ongoing uncertainty.
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