IDC Report Details Innovation Risk for Asia/Pacific Financial Institutions
10 Aug 2016
Micro, SME & Financial Inclusion Take Unexpected Lead in Successful IT Transformation
SINGAPORE, August 11th, 2016 - IDC Financial Insights recently released its 201 6 Innovator's Handbook to Transforming Financial Services, and highlights Micro, SME & Financial Inclusion, Process Optimization, and Big Data as the top three domains with the strongest performance in technological maturity and business outcomes.
This new report series provides decision-makers with a detailed benchmark of Asia/Pacific’s principal areas of technology and business innovation through scoring the outcomes of flagship IT-centric projects based on six parameters, namely the (1) use of technology, (2) response to market need, (3) effectiveness of implementation, (4) market uptake, (5) user impact and (6) business impact.
“Risk correlates with how much variation is observed in project outcomes. Channel Digitalization, Technology Service Delivery and Enterprise Transformation have been the riskiest domains to pursue in the last three years,” says Sui-Jon Ho, the Program Director for IDC’s Financial Insights Innovation Awards (FIIA).
“Yet, risk is not necessarily unfavorable. Strong ‘upside risk’, as observed in Micro, SME & Financial Inclusion, Process Optimization, and Big Data, is attributable to the presence of industry champions that significantly outperform an otherwise stagnant market,” Ho adds.
The Innovator’s Handbook is based on findings from over 300 flagship projects by financial institutions between 2014 and 2016, divided into nine IT Domains and/or Business Domains.
Evaluation of each case study is cross-examined by IDC’s internal domain experts alongside a team of external, veteran industry practitioners in order to create a holistic, standardized view of the regional market.
“Digital transformation continues to top the agendas of Asia’s financial institutions, yet the lack of precedents in the industry for these new areas of spending results in the ‘price of innovation’ remaining largely unknown,” Sui-Jon says.
“IDC’s syndicated research, in addition to the end-user visibility afforded by the FIIA program, allows our analysts to distill the myriad business cases for technology and identify fundamentals shared by the most successful of projects. In today’s technologically saturated market, such contextualized guidance cannot come sooner to support the region’s voracious appetite for innovation,” ends Ho.
To get more insights about the 2016 Innovators Handbook to Transforming Financial Services, please contact Sui-Jon Ho email@example.com. For media inquiries, please contact Tessa Rago firstname.lastname@example.org or Alvin Afuang email@example.com.
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email firstname.lastname@example.org, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC.
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