Research conducted by Finextra and sponsored by CSC has revealed that 49 per cent of global banks plan to increase their use of IT outsourcing (ITO) over the next 12 months, while 42 per cent will be reducing their use of consultants.

Just 9 per cent expect to reduce their use of ITO, while 22 per cent plan to increase their use of consultants.

The report surveyed over 50 global banks towards the end of 2014. The trends revealed suggest that these international banks are looking for a way to keep their IT resources up to date, while keeping costs down. This also explains the lack of popularity for consultants, who are notoriously expensive as a resource.

The report concluded that consultants charge 'twice the rate of contractors', so cutting them out of the budget it 'a quick way to shed costs.'

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