Editor’s Note: Cross-posted from Regulatory Cyber Security/FISMA Focus.
From: Asia Times
In the third in a three-part series on the US economy on the cusp of a new era, Orla O’Sullivan finds that few expect an imminent bump to US productivity from financial innovation.
Worse, many in the US banking industry say that the IT spending now being done is not innovative; it’s defensive. Indeed, a recent survey by a leading industry newspaper, American Banker, found regulatory compliance, followed by cyber security, tops US banks’ IT spending priorities.
“Banks have not been innovating much since the crisis, just keeping up with regulations – everything from the Volker Rule to Basel III and Dodd Frank – and paying some ungodly amount in fines,” says Larry Tabb.