€243B Tech spend ahead, but only 1 in 4 firms achieves scale: WBAM Research reveals structural paradox
Research report by Monitor Deloitte and Objectway investigates how and why as-a-service models are gaining ground, and what separates successful execution from failed implementation.
Key takeaways
- 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, 24th June 2026 – 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.
Manuel Pincetti, Managing Partner for Central Mediterranean Region at Monitor Deloitte, commented on the research results:
Firms are not solving complexity – they are managing it expensively. But innovative strategies are gaining ground in the WBAM industry. Tech&Ops spending mix is rapidly accelerating towards as-a-service models, whose incidence has grown by +10 percentage points over the last few years.
Manuel Pincetti
Managing Partner for Central Mediterranean Region at Monitor Deloitte
Innovation alone is not enough: sourcing strategy is the real differentiator
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
Pincetti added:
The adoption of as-a-service models is accelerating rapidly, with the proportion of firms using them as their core delivery model expected to increase threefold over the next two to three years. The as-a-service model is no longer just an IT model; it is a strategic response to complexity. It also enables adoption of AI at scale, where uncertain ROI is considered the most critical adoption barrier for almost one third of WBAM firms, and AI accelerates the successful deployment of as-a-service strategies.
Manuel Pincetti
Managing Partner for Central Mediterranean Region at Monitor Deloitte
AI: strong momentum, but governance remains the key challenge
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 expected to grow at around 28% CAGR through 2033. 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.
Alberto Cuccu, Chief Operating Officer International at Objectway said:
The real challenge today is grafting AI into an outcome-driven orchestrated solution, not layering it on top of existing models. At Objectway, we are building a new generation of intelligent agents orchestrated within our platform, enriched by third-party capabilities, and co-designed with our clients. Value comes from sequence: first, define the desired outcomes; then, prioritise the use cases with the greatest potential for scalability; next, orchestrate the agents and workflows; finally, engineer the technology to scale.
Alberto Cuccu
Chief Operating Officer International at Objectway
4 call-to actions for CEOs
In conclusion, the shift to as-a-service models is not merely a technological upgrade, but a fundamental transformation of the enterprise that requires shared accountability between business and IT leadership. Success depends on strong executive sponsorship to align vision and execution, disciplined change management to guide the organization through the adoption program, and a rethinking of operating models through the lens of AI and Agentic AI, designing workflows that fully capture the as-a-service logic. Equally critical is the ability to foster a curated ecosystem of strategic, best-in-class partners under a clear governance framework.
Luigi Marciano, Objectway’s Founder and Group CEO concluded:
Financial institutions that scale successfully are not those with the most ambitious technology roadmaps, but those that have tackled the harder, less visible work first. The as-a-service journey requires more than the right platform: it demands the right approach, the right organisational commitment and the right partner, who understands the industry’s complexity and can support firms in moving at pace.
Luigi Marciano
Objectway’s Founder and Group CEO
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