European banks are ramping up systems to link people to people, and people to knowledge. It’s vital for banks to have information in the right place, at the right time, but knowledge management (KM) is still in its infancy, and only 20% of Western European banks are using it.
Spending on KM systems in the European banking sector will be $155.4 million this year, and will reach $511.4 million in 2004. But implementing a KM system is not solely a technology issue, and banks must overcome cultural and organizational resistances.
IDC* predicts that France, Germany, Italy, the Netherlands, Sweden and the United Kingdom will contribute four-fifths of the total IT spending in the Western European banking sector. Fastest growth is expected to be in France, the Netherlands and Sweden, but the United Kingdom and Germany will spend most.
The KM packages on offer (CSC, EDS, Getronics, Lotus/IBM, NCR, and Unisys) are well suited to the requirements of banks in terms of coverage, vendor independence, and breadth of the offering.
*Implementation Strategies for Knowledge Management in Banking, Part 1 analyzes the demand for KM solutions in banking, and includes the status of implementation in European banks. Part 2: Analysis of Competition profiles providers of KM solutions for the banking sector (CSC, EDS, Lotus/IBM, Getronics, NCR, and Unisys) and discusses competitive positioning.
IDC forecasts worldwide markets and trends, and has 700 analysts in 43 countries providing research with local content. IDC is a division of IDG, the IT media, research, and exposition company.