76% of APAC banks expect higher profits in 2013: IDC Financial Insights
01 Mar 2013
Singapore and Hong Kong – 1 March, 2013 – Regional lenders continue to remain upbeat on 2013 as new growth opportunities make themselves evident in Asia.
A survey conducted by IDC Financial Insights of 163 senior decision makers has revealed that 76% of the region's main financial institutions expect revenues to grow by up to 10% this year. Meanwhile, 15% predict growth to surpass 10%, altogether signaling an industry-wide affirmation on 2013's business prospects.
The survey was conducted on 28 February 2013, Day One of IDC Financial Insights' Ninth Asian Financial Services (AFS) Congress, held at the Marina Bay Sands in Singapore.
Ho Sui-Jon, Research Analyst at IDC Financial Insights Asia/Pacific says, "This year, Asia's banks are clearly taking the offensive – risk management no longer tops the IT spending priority, instead it is making way for new projects relating to optimization and technological streamlining. Strong undercurrents brought on by Asia's maturing and converging regulations will be the principal driver for innovations within the financial sector, followed by China-led growth prospects, and the enablement of self-service banking. It would seem today's increasingly self-sufficient Asia will finally separate itself from the embattled western economies and carve out a space for itself in global financial leadership."
Additionally, respondents have identified the following as the top pain points to address in their growth strategy for 2013 moving forward – security and fraud management; governance and compliance; customer insights; and credit risk management. These clearly signal the readiness of financial institutions for aggressive expansion into the retail, SME and HNWI segments, and ultimately to "go regional" if they have not already.
The focus on creating an operational model that is compatible with Asia's diverse consumer and regulatory domains has been brought on by the growing sophistication of analytics technologies and the establishment of clearer regulations concerning the use of (and risk-tolerance towards) bleeding-edge technologies. Emphasis on channel efficiency, in mobile, online and surprisingly branch platforms is of course integral in accommodating these expansive ambitions, and banks now, more than ever, will feel the strain on internal infrastructures attempting to keep pace.
Organized by IDC Financial Insights, the AFS Congress brings together leading financial practitioners from across the region every year to deliberate on the pressing economic and business developments sweeping across the global financial markets. More than 650 delegates turned up on the first day of the event, underscoring the urgency of topics set to be discussed throughout the Congress.
The Asian Financial Services (AFS) Congress is currently taking place at the Marina Bay Sands Singapore. It will end today with the announcement of the most innovative strategic IT projects that drive business differentiation in Asia/Pacific financial institutions.
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About the Asian Financial Services (AFS) Congress 2013
Organized by IDC Financial Insights, the AFS Congress 2013 is Asia/Pacific's foremost gathering of financial services practitioners. Themed “Building on Big Ideas", the Congress aims to decode for financial institutes the large forces of change that surround them, and decide which are worth taking advantage of, and which can take the backseat — for now. At this Congress, IDC Financial Insights will share crucial findings from its international team of analysts, highlighting the business and technology trends that will impact and change banking.
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. IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy. More than 1,000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For more than 49 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com.
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