|
|
Home > Communications > Wireless > Components/Equipment
Telecom Spending Trends in the Financial Services Sector
|
| Published Date:
June 2006
Published By:
Frost & Sullivan
Page Count:
53
Order Code:
R1-4923
|
|
|
|
Research Overview
This Frost & Sullivan research service titled Telecom Spending Trends in the Financial Services Sector provides an overview of the U.S. financial services sector and highlights key end-user product/service adoption as well as spending trends. The study also highlights end-user trends with regard to outsourcing of various telecom/IT functions and penetration rates for various telecom services. In this research service, Frost & Sullivan's expert analysts thoroughly examine the following markets: monetary authorities, credit intermediation, securities intermediation, as well as other financial funds and trust organizations.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Financial services sector based on North American Industrial Classification System code 52 (NAICS 52)
- Monetary authorities (NAICS 521)
- Credit intermediation and related activities (NAICS 522)
- Securities intermediation and related activities (NAICS 523)
- Funds, trusts, and other financial vehicles (NAICS 525)
Technologies
The following technologies are covered in this research:
- Wireline Voice and Data: These include traditional as well as Internet protocol (IP) based services such as local, long distance, toll-free, card calling, and operator services.
- Wireless Voice and Data: These include devices such as personal digital assistants (PDAs) and cell phones.
- Outsourced/Managed Services: These telecom services range from voice transport to network design, implementation, and monitoring.
- Telecom Applications and Services: These include unified messaging, security, speech-enabled applications, and conferencing.
Market Overview
Financial Services Firms Seek the Aid of Telecommunications Services for Operational Efficiency and Regulatory Compliances
Over the last five years, financial services firms have increased uptake of telecommunications services in order to achieve operational efficiency, business continuity, and disaster recovery. As growing numbers of customers as well as businesses opt for online financial services, network and data security become imperative for these companies. "The tangible and intangible costs associated with network downtime have forced financial institutions to seek redundancy in networks and data centers," states the analyst of this research service. "To cater to these needs, telecom vendors are offering solutions such as network security, storage/archiving services, and other managed services."
Furthermore, numerous regulatory changes have affected the corporate governance and operational activities of various financial companies, since these regulations necessitate vital investments in technology. "For instance, the Patriot Act requires financial institutions to track payments as well as receipts and make them available to various law enforcement agencies," explains the analyst of this research service. "In order to comply with this prerequisite, banks have had to change their privacy policies and implement systems that help re-align operations." Similarly, the Sarbanes-Oxley Act mandates changes in financial reporting for publicly traded firms including financial institutions. These regulatory complexities are expected to improve the sales of telecom and IT solutions.
Effective Marketing Initiatives and Channel Partnerships among Technology Vendors to Help Sustain Telecommunications Market
The significance of advanced telecom solutions among financial firms makes them a very attractive customer segment for telecom vendors. However, this sector is highly fragmented, creating diverse technology requirements and thereby considerable demand for specific solutions. Telecom vendors can benefit substantially by initiating product development activities that help meet this demand. Continuing investments in marketing enable vendors to gain a competitive edge in the market.
Furthermore, telecom carriers often depend on channel partners such as systems integrators and hardware vendors to reach out to various financial service firms. "Allocating considerable time and financial resources for channel development activities is vital for telecom carriers," notes the analyst. "Such efforts are expected to enable vendors to boost their sales revenues." Also, developing strategic partnerships with established IT companies and consultants can help telecom services providers realize better gains in the financial services market.
|
Similar Products
• 4th Annual International Lithium Mobile Power 2008 Conference Documentation
Published Dec 2008 by Knowledge Foundation
• Switching Equipment Manufacturing in China
Published Nov 2008 by IBISWorld
• The Future of Print Focus Group Series: Generation Y Reacts to Wireless Printing
Published Nov 2008 by IDC
• Mobile Games Subscription & Download, 2008-2013 (Fifth Edition)
Published Nov 2008 by Juniper Research Limited
• Mobile Phones and Network Providers - UK
Published Nov 2008 by Mintel International Group Ltd.
• Consumer Electronics Applications Report 2008
Published Oct 2008 by West Technology Research Solutions, LLC
• The Taiwanese Smart Cellular Device Application IC Market, 3Q 2008
Published Oct 2008 by Market Intelligence Center
• The 2009-2014 World Outlook for Mobile Games
Published Sep 2008 by Icon Group International, Inc.
• Non-AFIS Fingerprint in Notebook PCs and Wireless Devices Markets
Published Sep 2008 by Frost & Sullivan
• SMobile Systems Private Vendor Watchlist Profile
Published Sep 2008 by IDC
|
|
|
|
0 items
