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2 out of 5 FSIs in Asia to increase IT budgets by over 10 percent: IDC Financial Insights

Nurdianah Md Nur | March 6, 2015
60 percent of the delegates at the Asian Financial Services Congress plan to embrace cloud this year.

Forty percent of the decision makers in Asia's financial services institutions (FSIs) are expecting their IT budgets to exceed 10 percent this year as the industry collectively renews its resolution to further digitise its practices.

This one of the findings from a poll conducted among 650 C-level executives from 215 Asia Pacific banking and insurance institutions at the recent IDC Financial Insights' Asian Financial Services Congress.

The poll also found that Asian FSIs have relatively young core systems, with 32 percent of the respondents admitted to owning related IT assets that are less than seven years old.

Cloud is now seen as an enable to business agility too. Three in every five FSIs claimed to be committing themselves to private, hybrid and public cloud investments this year.

According to Sui-Jon Ho, market analyst at IDC Financial Insights, the shifts in IT investment is a "strong reflection of future trends and the financial sector's growing maturity in reconciling 3rd Platform technologies with day-to-day operations."

"As many of our leading FIs have demonstrated, the hallmark of a truly innovative organisation lies in renewing legacy systems or practices through the right technological acquisition to create  new synergies which are still firmly anchored to the existing business," added Ho.

 

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