Finance executives said they plan to increase spending on tech in the next year in a recent survey.

Two-thirds of respondents to the annual survey by IPC, a provider of communications solutions for finance companies, projected an increase in spending, and this is the second consecutive year the survey revealed this expectation. The increase in technology spending is with the stated aims of realizing cost efficiencies, gaining competitive advantage and managing compliance.

The survey found that the top challenges financial firms expect to face in 2017 are implementing the right technology infrastructure to drive business, risk management, data analytics and reporting, and entering new geographies.

Compliance with regulatory requirements is also driving firms to invest in managed services (41 percent of respondents), network infrastructure (37 percent), electronic connectivity (33 percent) and compliance oversight (25 percent).

Almost 60 percent of those surveyed plan to deploy hosted solutions to support their technology infrastructure. This is a significant increase from the 46 percent of survey respondents last year. Fifty-four percent of the respondents stated they are currently implementing cloud-based services in contrast to 45 percent of survey respondents in 2015.

“Our survey reaffirms that as technology spending continues to grow, firms need expertise, guidance and innovative end-to-end solutions now more than ever,” said Michael Speranza, senior vice president, corporate strategy, M&A and marketing for IPC in a statement. “At IPC we are working closely with financial markets companies making moves to minimize infrastructure management and empowering them with the cost efficiencies and compliance oversight benefits provided by our cloud-based platforms and services.”

For more information on the survey results, click here.

 

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