Lenders will standardise IT systems says Unisys

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Two-thirds of mortgage lenders will continue to invest in IT systems over the next two to three years despite heavy investment during 2004 to meet the requirements of the Financial Services Authority, research reveals.

A survey carried out by Unisys claims increasing regulation and changing market economics are the driving forces behind IT spending. It says future IT investment will focus on standardising many mortgage origination software solutions adding this is a shift from the current position. At present, 71% of all software applications in-use are customised packages. But respondents indicate they expect 50% of all software applications in-use to be standard packages in the future. Unisys says its research also reveals the bigger lenders are most concerned with differentiating their market pr...

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