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News Now

CU System
Subprime woes wont cut FIs tech spending
MILWAUKEE (1/7/08)--Problems in the subprime market will not affect how much credit unions spend on technology this year, a Robert W. Baird and Co. survey indicated. Survey respondents indicated that they would continue spending on core processing because many of them are under five-to-seven year contracts, David Koning, an analyst with Robert W. Baird, said (Milwaukee Journal-Sentinel Dec. 30). And as small financial institutions compete with big banks, they’ll need to invest in new products like security, bill pay, online banking and compliance, Koning told the newspaper. Robert W. Baird surveyed 153 small financial institutions, including credit unions. Another survey by RingCentral Inc., a communications provider, indicated that about 60% of small businesses plan to increase their technology spending this year. News Now reported only 6% planned to decrease their spending, while 31% planned to maintain current spending (Dec. 26). The spending would focus on personal computers (57%), e-mail (81%), mobile phones (77%), business phones (69%), and websites (61%), according to the survey. Financial institutions were looking at a 3% annual growth rate for technology spending in 2007, according to the 2007-2008 Credit Union Environmental Scan (E-scan) Report. Regulatory compliance and market forces were expected to drive most spending.
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