• Firms are layering resources onto legacy, widening the gap between investment intensity and operational scalability
• Technology investment alone is insufficient. The real differentiator lies in how Tech&Ops capabilities are sourced, orchestrated, and delivered
• As-a-service adoption is set to triple in the next 2–3 years, emerging as a key lever to unlock scale

MILAN — According to research conducted by Monitor Deloitte, a consultancy firm, and Objectway, a growth partner for the financial services industry, wealth, banking and asset management (WBAM) firms are investing at record levels, with Technology & Operations spending reaching €173 billion globally and set to hit €243 billion by 2029. However, yet only around one in four firms has achieved true front-to-back scalability, growing their business without a proportional rise in cost and complexity.

This paradox emerges as WBAM firms face record-high levels of structural complexity, driven by a perfect storm of rising client expectations, accelerating regulation and ongoing cross-border fragmentation. These forces are placing an unprecedented strain on operating models that were not designed to withstand such a high level of change.

The findings highlight a structural paradox: firms have responded to rising complexity by layering additional resources onto existing operating models. This dynamic is further reinforced by legacy IT environments, which act as an invisible scalability ceiling fostering a continuous increase of technical debt. Technology and operations spending remains heavily weighted toward fixed and largely uncompressible items, with internal staff and proprietary infrastructure still accounting for approximately 50% of total IT budgets. At the same time, the persistent evolution of regulatory frameworks across markets imposes a permanent toll on IT investments.

, commented on the research results.

The report highlights that technology investment per se is not sufficient to unlock scale. The key differentiator is how Technology & Operations capabilities are sourced, orchestrated and delivered.

Spending is progressively moving toward as-a-service models, including Hybrid SaaS, Pure SaaS and SaaS/BPaaS configurations.
These models enable firms to:

• Reduce internal complexity by offloading non-core activities to specialised partners
• Access modular, configurable platforms without bespoke development
• Gain elite access to innovation and scarce talent
• De-risk investments with a limited upfront Capex and value-based pricing tied to business metrics

AI is rapidly transitioning from pilot initiatives to an enterprise-wide capability across financial services, with global investments reached approximately €50 billion in 2025 and

. This momentum is leaving little room for a wait-and-see approach, as firms increasingly look to reimagine operations, with up to 70% of processes potentially benefiting from AI and GenAI solutions.

However, scaling AI adoption requires more than investment alone. Around 85% of firms are currently designing dedicated AI frameworks, reflecting a growing recognition of the governance imperative as a prerequisite for industrialisation. Meanwhile, the rise of agentic AI, which is expected to increase in deployment by over 2.3 times in the next 12 months, signals a shift towards enterprise-scale applications.