And we need the secure electronic identification and protection of data privacy. Identity theft, the worst case of e-crime, must be fought on all these fronts. ICT implementation and exploitation often require huge investments. In many banks ICT has replaced personnel as the largest single item of expenditure.
Old legacy systems are aging, and according to a recent survey, over 80% of ICT expenditure goes into maintenance of these systems. New investment is required, and these are challenging projects. In Europe, it seems the banking industry is very prudent in front of new investments.