US banks increase investments in service and risk management technology, says report

US banks are increasing their spending on service and risk management technology, a new survey by the American Bankers Association (ABA) and TowerGroup has found.

The report, released at the end of October, presents an analysis of an industry survey conducted between June and September. The objective of the survey was to identify the technology spending patterns, investment trends and technology management strategies of the traditional diversified bank with a mixed portfolio of consumer and wholesale deposit, lending and payment services from 2002 through 2004.

“We believe the impact of strategic cost management over the past years has changed the

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