This 36-page, 29-exhibit study – a version of which was published under a data and analytics partnership with Aite Group in October 2016 entitled, “Return on Technology and the T-Greeks Framework: In the Beginning…” – introduces a new way of examining IT spending behavior within the financial services industry. It turns out that it does not matter what a firm spends on technology, after all. What actually matters most is what a firm receives for its investment in technology. In this report, Alphacution outlines its discovery that the return on technology (RoT) concept is quantifiable by normalizing and benchmarking the difference between performance (i.e., total net revenue) and the component cost of that performance (i.e., total technology spending). The four primary technology spending categories used in this modeling framework include 1) hardware and other infrastructure, 2) software and other data-processing functionality, including both internally generated and purchased software solutions, 3) IT-related human capital, including both technology and data management personnel, and 4) third-party data subscriptions. There are currently five closely related analytics within Alphacution’s T-Greeks framework, namely T-Spread, T-Beta, T-Alpha, T-Theta, and T-Vol. Finally, this study demonstrates that T-Greeks are actionable now. They can be strategically used to more efficiently monitor and navigate the ongoing business transformation process. Moreover, these analytics and benchmarks can be used for more tactical transformation, ultimately providing more detailed visibility for solution selection, shifts in the mix of human capital skills, and workflow re-engineering and replacement.