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Trend1-tech-spending-promo.jpg Arkadiusz Warguła/iStock/Getty Images

Trend 1: Tech Spend Increases to "Keep Up" Rather Than "Get Ahead of the Competition Next Year

In 2021, 81% of firms expect to increase their tech budget more than 5% over 2020. By F2 Strategy Research

In 2021, 81% of firms expect to increase theirtech budget more than 5% over 2020.

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Critical Issues:

  • Firms say drivers of tech spend are primarily based on keeping up with competition and client expectations versus exceeding them and achieving growth. 
  • Predominant focus on tech growth is on improving experiences—improving digital, frictionless client/advisor experiences, integrating platform and ensuring scalability/growth support.
  • Post COVID-19, boards clearly commit to spend more on tech.
  • Increased spend is now critical to survival of the company unlike in previous years
  • First must spend wisely and have good counsel.

F2 Strategy Research, a division of the global consultancy F2 Strategy, delivers intellectual and advisory-based research on technology and business issues impacting the RIA, wealth, bank/trust and family office industries.