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Article: TowerGroup Charts A Course For Financial Services.(Industry Trend or Event)
- Article from:
- Bank Technology News
- Article date:
- March 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A February TowerGroup teleconference helped shed some light on what financial services institutions face going into the future. Though things have been tough for financial institutions in terms of competition and rising technology costs over the last few decades, they won't get any better, the Needham, MA-based research firm says.
Banks are under siege as other financial services companies and non- financial services companies move in on their turf. As a result, the industry will continue the recent consolidation trend through the next ten years with its most rapid pace occurring during the first five years, says Mark Sievewright, TowerGroup president and chief ...