Banks and credit unions should use more technology – rather than less technology to address overload of technology projects, said Cornerstone Advisors in a report.
The report surveyed 252 senior executives at US based financial institutions and half of them said too many projects as a top technology concern for 2015.
Financial institutions with high or moderate technology management complexity plan to improve the utilization of 21 applications in 2015.
According to the report, financial institutions with high technology management complexity will add or replace more than eight apps and renegotiate five to six contracts in 2015.
While financial institutions with low technology management complexity will utilize 8 to 9 apps.
This apart, 8 out of 10 FIs under high complexity category will spend more on technology in 2015, mentioned Technology Management Complexity: Drowning in a Sea of Technology Projects.
In addition, FIs will improve the utilization of 17 apps, add or replace nearly five apps and renegotiate two or three contracts in 2015.
The report also mentioned there was a double-digit percentage point increase in planned utilization improvements for 21 technologies from 2014 to 2015.
Additionally, report mentioned recommendations to help financial institutions better manage technology complexity, projects and contract negotiations.