Financial services firms are heavily dependent on information technology, spending over $310 billion on IT globally, according to TowerGroup Inc., representing — for large banks — 15% to 22% of their overall non-interest expense. Unfortunately their investments too often fail to generate anticipated returns — and worse, many firms do not even know which are paying dividends and which are losing money. The study of mortgage broker to mortgage banker, which looked at 165 large IT projects at leading European financial services companies, found that, for a variety of reasons, one-third of projects run over time, one-fifth run over budget and one-fifth fall short of planned functionality. A new IBM Business Consulting Services study of IT investment broker to banker in the financial services sector reveals that almost 70% of the time banks are unable to quantify benefits of IT investments because they lack data and metrics.
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Even fewer use risk assessment to evaluate business cases and determine priorities when making the switch from broker to banker. While banks are usually good at evaluating and prioritizing business cases, few financial institutions develop structured risk assessments or determine the possible effectiveness or cost of risk-mitigation measures prior to executing becoming a broker. Mortgage Banking Solutions will help you with the switch from mortgage broker to mortgage banker.
