IDC Financial Insights predicts that banks in the Asia Pacific region will increase their investment on innovations that will address the changing needs of the customer in 2014.
Besides the increased IT spending on customer-centric innovations, IDC Financial Insights Asia/Pacific forecasted the following predictions for the industry for 2014:
- In terms of IT spending, the 12 key banking markets will split into two segments: the ultra-high-growth and low-growth groups.
- "Over-regulation" will be proven effective as new or enhanced regulations for Asia Pacific banks attain their intended effects.
- Bank branches will be the focus of Internet of Things (IoT) experiments.
- Mobile devices will be vital to the banks' omni-channel strategy.
- Global banks that retreated from the region at the height of the crisis will muscle their way back in to Asia Pacific markets.
- Analytics will find low-hanging fruits in Asia Pacific wealth management.
- Cloud adoption for banks in the region will no longer be a binary choice between private cloud and public cloud.
- Asia Pacific vendors will push their own propositions for corporate treasury and cash management.
- Core banking players will innovate faster than the ability of Asia Pacific banks to sign new core deals.
According to Michael Araneta, research director for IDC Financial Insights Asia/Pacific, Singapore, Hong Kong, Malaysia, and Australia are expected to lead the innovation in financial services in the years ahead.
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