Business Intelligence Surpasses Security in IT Spending

Interestingly enough, the banking industry, which is regarded for its sophisticated security standards, is relaying that Business Intelligence (BI) is surpassing Security as the focus of IT Budgets.  While Security is still of the utmost importance in banking, BI integration is a growing trend and is accounting for a large portion of budgets.  IT spending in the banking industry is increasing by about 43% in 2015, with BI ranked as a top theme by 29% of banks.

Karl Flinders at ComputerWeekly.com discusses this shift in Banking Information Technology here.

With such significant growth in retail banking, IT organizations must be indispensable innovators – a valuable message for everyindustry.  AST agrees that with the increased use of ETL (Extract, Transform, Load) technology, data warehouse modeling/design, near real-time reporting and so on, IT firms must supply both the physical infrastructure and the knowledge to support the business users.  With a multitude of BI industry products and training available, IT firms need to invest in BI education and not solely in infrastructure and security.