Technology spending will continue to rise among Asian financial institutions (FIs) according to delegates at the Misys Southern Asia Market Forum 2013, which bought together over 100 representatives from 40 of the region’s leading FIs.
The high growth technology spending of FIs in Asia; accessible banking platforms such as mobile and social channels; and turning regulatory pressure to a bank’s advantage were among key discussions at the forum.
Michael Yeo, market analyst for IDF Financial Insights Asia Pacific, said that IT spending of FIs was up 4% worldwide in 2012. In Asia Pacific, this figure was 7%, notably in the areas of core banking, risk management and CRM, and Yeo predicts it will increase to 8.8% in 2013. The rise in high tech spending is evident in Singapore, Malaysia, Indonesia and Philippines.
In 2013, there will be an uptake of forecasting and predictive modeling; as well as mobile channels, which in Asia are likely to be driven by wealth management firms, according to Yeo.
In the next two years, regulatory compliance software is likely to account for a large part of FIs’ IT investment spending. Countries in Asia, such as Hong Kong, Singapore and Malaysia, are starting to converge on how they deal with regulatory demands. Due to the increasing number of compliance regulations and their growing complexity, enterprise risk management departments are now receiving funding more easily for their risk management software. It is becoming clear that financial institutions consider collaborative risk management solutions a key component of their risk technology environment.
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