€243B Tech Spend Ahead, But Only 1 in 4 Firms Gain Scale: WBAM Study Reveals Structural Paradox

• Firms are putting resources into legacy, widening the gap between investment intensity and increased performance.
• Investment in technology alone is not enough. The real difference lies in how Tech&Ops capabilities are acquired, planned, and delivered
• Adoption as a service is set to triple over the next 2-3 years, emerging as a key enabler of scale.

MILAN — According to a study by Monitor Deloitte, a consulting firm, and Objectway, partner in the growth of the financial services industry, wealth, banking and asset management (WBAM) firms are investing at record levels, while the use of Technology & Operations reaches €173 billion worldwide and The highest amount of E243 in 2029. However, only for now One in four companies achieved a true forward-to-back ratioto grow their business without a commensurate increase in cost and complexity.

This confusion comes as WBAM firms face each other record-high levels of structural complexitydriven by the perfect storm of rising customer expectations, accelerating regulation and the continued fragmentation of borders. These forces put unprecedented strain on operating models that were not designed to withstand such a high rate of change.

The findings highlight a structural paradox: firms have responded to a growing crisis layering additional services onto existing operating models. This dynamic is further reinforced by legacy IT environments, which act as an invisible scaling ceiling that encourages the continued increase in technical debt. Technology usage and operations remain heavily weighted towards fixed and non-compressible items, while internal staff and proprietary infrastructure still account for around 50% of the total IT budget. At the same time, the continuous evolution of regulatory frameworks in all markets puts an absolute value on IT investments.

commented on the results of the study.

The report highlights that technology investment per se is not enough to unlock scale. The key difference is how Technical and Operational skills are acquired, organized and delivered.

Spending is increasingly forward-looking as a-service modelsincluding Hybrid SaaS, Pure SaaS and SaaS/BPaaS configurations.
These models allow firms to:

• Reduce internal complexity by offloading non-essential tasks to specialized partners
• Access modular, adjustable platforms regardless of the progress made
• Benefit access to new elites and rare talent
• De-risk funds with estimated up-front Capex and value-based pricing aligned with business metrics

AI is rapidly changing from pilot programs to a business-wide power across all financial services, with global investment reaching nearly $50 billion by 2025 and

. This momentum leaves little room for a wait-and-see approach, as firms are increasingly looking to rethink operations, with up to 70% of processes potentially benefiting from AI and GenAI solutions.

However, scaling the adoption of AI requires more than just investment. About 85% of firms are currently building dedicated AI frameworks, reflecting a growing recognition of the importance of governance as a priority for industrial development. Meanwhile, the rise of agent AI, which is expected to increase in use more than 2.3 times in the next 12 months, marks the shift to enterprise-level use.