Investing in bank technology is a high-stakes game. In 2003, U.S. commercial banks are expected to spend an estimated $33.8 billion on technology projects, according to a new report from the Tower Group, Needham, Massachusetts. But if these numbers make it sound like the technology gurus have been handed blank checksâ€”like proverbial kids in the candy shopâ€”think again. About $30.1 billion has been earmarked for maintenance of existing technologies, such as branch automation systems and the "big iron" machines that run many back offices. The remaining dollarsâ€”just under $4 billionâ€”will go for "strategic" initiativesâ€”those that promise to improve business processes...
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