A survey of financial services firms across Europe by consultant IDC suggests insurance companies generally lag banks in using web technologies.
The reason is partly to do with general caution towards big IT projects, IDC’s research suggests.
Most institutions are still committed, however, to the goal of straight through processing, which requires streamlining existing processes.
XML will solve many issues relating to standardising and simplifying access to applications and interoperability between systems, IDC says.
Lack of executive support and limited evidence of returns on investment are holding back spending on web technologies, IDC adds.
"The financial industry still has to gain a better understanding of the real benefits of Web services before getting involved in large projects. IT players planning to target the financial services industry with cutting-edge technologies should take note of this."IFAonline
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