Asian banks will keep spending on technology with forecasting, predictive modelling and mobile channels likely to attract significant investment in 2013.
These were the findings of the Misys Southern Asia Market Forum, which brought together representatives from 40 of the region’s leading financial institutions.
Michael Yeo, market analyst, IDF Financial Insights Asia Pacific, commented that the IT spend of financial institutions was up 4% worldwide in 2012. But in Asia-Pacific, this figure was 7%, notably in the areas of core banking, risk management and customer relationship management. Yeo predicted that it would further increase to 8.8% in 2013.
The rise in high-tech spending is particularly evident in Singapore, Malaysia, Indonesia and the Philippines. Over the next two years, regulatory compliance software is likely to account for a large part of financial institutions’ spend on IT.
Sally Percy is editor of The Treasurer