second-only

IT costs came second only to macroeconomic concerns such as the impact of quantitative easing, according to the survey by global risk adviser Willis of senior executives at 150 banks, insurers, reinsurers, asset managers, hedge funds and financial technology companies worldwide. “There is a rise of new entrants that are using new technology,” said Mary O'Connor, global head of Willis' financial institutions group. “Banks know they need to respond to that.” Banks and insurers have been seen as slow in responding to new technology, leaving the door open for newcomers to steal market share.