The financial services industry is one of the world’s industries most affected by globalization. The continued trend of mergers and acquisitions in the market, especially the rapid consolidation in the European financial industry, results in a global market. In this market the global delivery capabilities of DNV are a strategic asset. IT spending in the financial services industry is expected to continue to grow over the years to come. The current situation in the financial market might have a negative impact on these expenditures.

Market drivers/trends
Regulatory requirements continue to be a major driver for IT spending. These changes in requirements forces financial institutions to apply changes in processes and IT Systems to comply.

Partly driven by the merger and acquisition trend, there is a continued interest in driving out cost efficiencies. Back office integration and outsourcing of application development are key strategies. This calls for an increased attention to the standardization of work processes and systems. These standardized work processes and systems need to be flexible in order to facilitate an increased customer focus which is evident both in private as well as wholesale market segments.