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Security continuity are CUs biggest tech costs
MADISON, Wis. (4/22/08)--Technology-wise, credit unions plan to spend the biggest portions of their budgets on security and business continuity planning over the next three years, according to a recent Credit Union National Association (CUNA) survey.
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In the 2008-2009 CUNA Technology and Spending Report, respondent credit unions ranked their top three technology expenditures in the next three years: information technology (IT) security (47%); business continuity (39%); risk management/compliance automation (34%); and expanding e-commerce activities (34%). Larger credit unions, with $500 million or more in assets, tended to cite expanding e-commerce activities, rather than IT security as one of their top three. The CUNA report details credit union technology spending in terms of total technology budget and its percent of overall operating expenses, average annual vendor expenses, and functions support by IT staff and vendors. It also uncovers the average dollar amount and percent of total budget allocated to specific areas such as hardware, software, security measures, data-voice communications, online banking and training. The report explores credit unions’ current use of future plans for Internet banking, electronic bill payment, online loan applications, marketing customer information files and relationship management, security and general technology services. The survey will be the topic of an “Exploring Credit Union Technology and Spending Trends” webinar May 15, CUNA said. For more information, use the links.
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