The effectiveness of banks' IT strategies is more crucial now than ever before. Though cost savings is a major factor when mapping out companies' IT strategies, banks are adjusting their structures to accommodate a number of new factors to remain competitive. Furthermore it is critical for banks to not only convey stability and security but to continue to reassure customers during turbulent economic times.
The biggest change in banks' 2009 IT strategies will map to the U.S. government's Troubled Asset Relief Program (TARP) funds with increased oversight, regulations and accountability. Banks will be tasked with responding quickly to regulatory oversight with greater transparency through reported data and auditing. In order to quickly and efficiently comply with the increased regulatory requirements, it will be necessary for banks that are dependent upon paper-heavy processes to automate their systems.
Additionally, this year presents a major opportunity for banks to automate core paper-based processes. In addition to allowing easier reporting, by implementing a digital process banks will see greater efficiencies and a streamlined workflow resulting in cost savings.
Furthermore banks can look to preserve capital and eliminate their depreciating assets by outsourcing. Traditionally banks would purchase their IT equipment (e.g., printers, scanners, servers, software, etc.). However, HP has seen an influx of service requests, including Managed Print Services and software-as-a-service (SaaS), to help alleviate companies' financial burdens. By subscribing to a service versus purchasing an asset, banks can preserve capital on their balance sheets, maintain a tighter profit margin, and ultimately contain costs and increase efficiency.