IDC Financial Insights
Non-bank-led financial services, such as Alipay and WeChat Wallet, are disrupting emerging markets and challenging banks by becoming viable alternative payment methods, according to a survey commissioned by ACI Worldwide and conducted by IDC Financial Insights.
Faced by the rising tide of maturing, digitally-savvy customers, the future for banks is clearly digital, and evidence from Asia suggests that banks in that region will be at the forefront of this trend, writes Martin Frick of Temenos.
Two out of every five decision-makers in Asia’s financial institutions are expecting growth in IT budgets to exceed 10% in 2015 as the industry collectively renews its resolution to further digitise its practices, according to IDC Financial Insights.
Banks in Asia Pacific are increasingly looking at the research and development budgets being spent by vendors on future solutions, according to IDC Financial Insights.
The new benchmark for spending on ‘new’ categories of technology, as opposed to spending on ‘business-as-usual,’ is 25% in the banking industry, according to IDC Financial Insights.
The global financial industry will spend US$6.57 billion on software and IT services for credit risk management in 2014, representing 17.9% of the total investments on all risk management software and services spending, according to IDC Financial Insights.
IDC Financial Insights looks into the technology implications of the proposed merger between CIMB Bank, RHB Capital and Malaysia Building Society.