IT contractors may find themselves in high demand after it has been recently advised that millions of pounds need to be spent on updating software systems.
After the latest cash machine issues at NatWest, RBS, Nationwide and Ulster Bank, the director of the software firm Temenos, Ben Robinson, has said that a major upgrade is needed immediately throughout the banking sector if they are to avoid another cash machine fiasco.
Mr Robinson said: “The IT infrastructure of many of the world’s leading high-street banks is decades old and is struggling with the rate of change in the industry and data demands that banks are experiencing today. Recent well-publicised system problems could have happened at any number of large retail banks, and if action is not taken now such issues are likely to become more common.”
Those who specialise in computing have said that the banks have failed to invest in IT, with many of the current systems unable to cope with the amount of daily transactions. It seems that now is the time to invest and so contractors with skills in the financial IT market may benefit greatly from this.
Intellect, which is the trade association for the UK’s technology sector, has also attacked the banks by insisting that regulators must force banks to improve the way they operate.
The Intellect report states: ‘Banks are willing to spend money on cutting edge technology that facilitates high frequency trading or reduces the time it takes to process a transaction in the capital markets – where every cut millisecond means more profit – but not on modernising the infrastructure that allows them to deliver better customer services, act as a catalyst for the economy or allow regulators to perform their roles’.
With the banks feeling a great deal of pressure to act on the recent accusations, IT contractors with undoubtedly find themselves in demand within the next few months.