Australian financial institutions are planning to spend less on innovative technology in 2006 than the majority of their global counterparts, according to preliminary results of a survey by Forrester Research.

Forrester, which only recently opened an Australian office in Brisbane, will release the full results of the survey next year. “They’re spending less on innovation and more on keeping the lights running,” Peter Carr, Forrester country manager Australia, said. The survey will be the second Australian-based survey for Forrester which is also looking for a strategic wealth management consultant. “We’ve had some good interest and we hope to appoint someone this year. We will then look for another analyst in the first quarter next year,” Carr said. Australian financial institutions’ budgets for new technology in 2006 lag well behind those of Europe and the US but are even less than those of Asian financial institutions. “I’m not really surprised. It’s interesting when you see the results. It’s been quite common. There was a glut of technology spend on innovation in Australia in the last couple of years,” Carr said. The wealth management consultant’s role will include conducting innovative research for the financial services sector and predicting the impact of emerging technologies and strategies. Forrester was established in 1983 and is headquartered in Cambridge, US. The group has ambitious growth plans in the Australian market.

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