TECH BUYER Feb 2020 - Tech Buyer Presentation - Doc # AP44309119

IDC FutureScape: Worldwide Financial Services 2020 Predictions — APEJ Implications

By: Michael AranetaAssociate Vice President, IDC Financial Insights, Arpita MitraSenior Research Manager

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Abstract

This IDC FutureScape presents IDC Financial Insights’ view of the top 10 predictions for financial services in the Asia/Pacific (excluding Japan) (APEJ) region in 2020. Each of the top 10 predictions are discussed from the perspective of the prediction’s likely cost/complexity consideration throughout the enterprise, as well as the time it will take for the predictions to reach mainstream. Global predictions are contextualized for the APEJ region, especially in light of specific trends and developments in APEJ's financial services sector that IDC believes will drastically impact the business strategies of financial services institutions (FSIs).

Michael Araneta, assistant vice president (AVP) for IDC Financial Insights Asia/Pacific says, "2020 will be interesting, particularly in the profusion of 'national initiatives' that will have implications to the technology investments by banks and insurers. This includes at least six national digital ID programs, national epayment projects, credit bureaus, data sharing, cloud computing, fraud and anti–money lending regulations, data privacy and data protection, and even open banking. All these indicate the presence of stronger-than-usual external drivers for IT spending by banks and insurers."


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