Editorial Reviews:
Key Findings:
- Financial Services role as a high-value information sector with the pressures of integrating complex, heterogeneous systems, the movement to "T+1" processing, and financial document preparation makes adoption of XML in the near term highly likely.
- The Financial Services sector spent over $195 Billion (US) in IT in 2001, with $985 Million invested on XML technologies in 2002.
- Expenditures on XML technologies in the Financial Services sector will grow to over $8.3 Billion by 2005.
- Financial Services will seek to implement integration-centric XML approaches first, and content-management approaches second.
- The industry's focus on Straight-Through Processing and integration challenges will constrict IT budgets to XML solutions that specifically address these points.
- Budgets will greatly expand in late 2002 and 2003 for XML-based projects
- XML-based Content Management and Single-Source Publishing can reduce up to 75% of total publishing cost
- The proliferation of XML-based formats for Financial transactions will cause unnecessary headaches in the short term. Consolidation around the ISO 15022 specification is expected.
- Toolset immaturity and the impact of B2B and Web Services standards will impact Integration efforts and possibly make some XML specification efforts redundant
- Financial Services companies should seek to implement XML and Service-Oriented Integration to simplify STP and integration projects
- Financial Service Providers (FSPs) will need to have significant resources to invest in XML-based tools and technologies in 2002, although these needs will drop off in late 2003 as tools and technologies mature.
Table of Contents:
- I. Report Scope
- II. Financial Services: A Market Overview
- 2.1 Definitions of the Financial Services Sector
- 2.2 Financial Services Industries are Information Industries
- 2.3 The Financial Services Sector Spends over $195 Billion in IT annually
- 2.4 Typical Information Requirements for Financial Service Providers
- III. Drivers for XML Adoption in Financial Services Industries
- 3.1 Integration and Interoperability
- 3.2 Straight-Through Processing (STP) and T+1
- 3.3 Financial Reporting Requirements -- XML Mandated by Governments?
- 3.4 Risk Management
- 3.5 Future-Proofing the High Rate of Technology Change
- 3.6 Competitive Advantage
- 3.7 Effective Distribution of Print Materials
- IV. Solutions to Key Financial Services Industry Problems
- 4.1 Web Services & Service-Oriented Integration (SOI)
- 4.2 Financial Industry XML Vocabularies & Standards
- 4.3 Single-Source Publishing
- V. ROI for XML-based Financial Services Solutions
- 5.1 Immediate and Significant ROI: Service-Oriented Integration
- 5.2 Immediate and Significant ROI: Single-Source Publishing
- 5.3 Medium-term ROI: Content Syndication
- 5.4 Long-term ROI: Adoption of Financial XML Standards
- 5.5 Long-term ROI and Competitive Advantage: Device Integration
- VI. Barriers to XML Adoption and Growth Inhibitors
- 6.1 Service-Oriented Integration Pre-Supposes Interoperability
- 6.2 Lack of Standardized Security, Reliability, and Transaction Mechanisms
- 6.3 External Integration Challenged Due to Lack of Control of End Points
- 6.4 The Need to Support Multiple XML-based Specifications
- 6.5 Impact of Web Services and B2B Vocabularies on Industry Standards
- 6.6 Single-Source Publishing Requires Sophisticated Document Authors
- 6.7 XML May Not be Suitable as a Long-term Archival Format
- 6.8 Toolset Immaturity
- VII. Market Size and Future Trends
- 7.1 Predicted Financial Services Expenditure on XML
- VIII. Conclusions
- 8.1 Key Notes
- 8.2 Decision Points
- 8.3 Figures
- 8.4 Tables
- IX. Profiled Vendors
- 9.1 Service-Oriented Integration
- 9.2 XML Content Creation
- 9.3 XML Content Management
- 9.4 Single-Source Publishing
- 9.5 XML Content Syndication
- 9.6 XML-based Risk Management
- 9.7 XML-based Financial Services Companies
- A. Related Research
- B. Supporting Resources
- C. Trademark Notice and Statement of Opinion
- About ZapThink, LLC
XML Standards Featured:
- ACORD
- FinXML
- FIXML
- FpML
- IFX
- IRML
- ISO 15022
- MarketsML
- MDDL
- MISMO
- OFX
- RETML
- RIXML
- STPML
- SWIFTML
- XBRL
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