Financial Institutions seek protection in new software tools: Software companies probably will emerge from the coronavirus downturn in even better shape than they were before the pandemic upended business activity across the world. With social distancing likely to remain a feature of life for the foreseeable future, demand for software is growing robustly.

Indeed, according to Bank of America, more than half of top organizations intend to increase their software spending this year, at a time when overall investment is shrinking (banks are reducing cost but investing in software solutions). In a survey of 500 financial businesses, it concluded that “software budgets appear to be up post-Covid. Spend is strongest for modern, digital and cloud-based products for investment banking.” Banks are moving fast to be as well prepared as possible to reduce time of execution, manual risk and redundancies, improve internal efficiency and seeking for protection in new software tools.
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