CityCompass Research Finds IT Gap in Finance

London, UK 22nd February 2005–CityCompass, the independent facilitator of contemporary market issues affecting the financial services sector, today announced that the B.I.S.S. 2005 Report on Integration and Web Services has found a significant knowledge gap between financial service providers and their understanding of the application, of the technology.

Mick Newman Head of CityCompass Research said "The business benchmarking of integration and web services systems has measured the ability of financial firms and also the capability of vendors, to market the business benefits of their systems. Our Research has found there is remarkable reluctance of financial services companies of all sizes to strategically invest in integration and web services systems, due to an unclear business case and no appreciation of a return on investment. The vendors are partly to blame as their marketing tends to follow industry trends, rather than focusing on particular business benefits. Despite the increasing regulatory requirements like the Markets in Financial Instruments Directive (MiFID) that need to consolidate business information across an enterprise and meet the demands of corporate governance, the true value of integration technology is not appreciated by the business heads. It seems the Head of IT uses the technology for their own strategies and often misses the greater opportunity and real business benefit"

The B.I.S.S. report on Integration and Web Services also includes a detailed analysis of the business values of Integra SP, Magic Software, PolarLake, SeeBeyond and TIBCO Software and will be published on the 24th February.

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