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    Banks’ IT expenses equal 7.3% of their revenues – nearly twice as much as other industries.
    In the US, more than 120 banking organizations are subject to resolution planning requirements.
    Large banks are increasing their spending on stress testing – an estimated $10 million per year on operating costs, and $30-$50 million on top of that on technology.
    In a recent financial services survey, 59% of respondents stated that improving their general knowledge of the industry would be the most helpful way of improving the resilience of their firm.
    An estimated 25% of banks still rely heavily on obsolete technology, such as Excel spreadsheets and email systems, to provision their stress testing.
    77% of DFAST banks have a roadmap for improving stress testing over the next few years.
    The average insurer has 10 to 14 core systems installed. One multinational insurer has more than 80 core systems.
    In Europe, more than 75,000 validation rules are specified by the EBA on COREP reports to check for consistencies.
    In a 2013 CEB Tower Group poll of Commercial Banking, 79% of executives reported that it is critical or highly important to maximize their credit application, approval, and booking rates.
    Efficiently managing data in banks is such a problem that it can take up to 7-10% of a bank’s operating income.
    A study conducted by the Everest Group estimates that the cost savings from offshoring research and analytics is typically anywhere between 30% to 60%.
    Airbus’ problem took almost two years to fix and cost more than a billion dollars – highlighting the risks of using siloed software systems.
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