16 Mar 2017
SINGAPORE, March 17th, 2017 – The latest results of the 2016 Cloud View Survey for cloud maturity in Asia/Pacific banking from the recently published IDC MaturityScape Benchmark: Cloud in Banking in Asia/Pacific reveals majority of banks in the region are in the first stages of cloud maturity, specifically the ad hoc and opportunistic stages. Typical in this early-stage adoption, there remains a higher preference for enterprise private cloud architecture than public cloud. Super-regional institutions, e.g. institutions that have built an Asia/Pacific-wide footprint of operations in at least three countries in the region, will set the pace and best practices in the location, control, ownership, and management of data in the cloud. IDC expects that the next two years will be a tipping point for cloud uptake among Asia/Pacific banks.
Cloud computing is becoming the fundamental technology for all new solutions that will transform financial services institutions (FSIs) into their future digital avatars. IDC also believes that at least 80% of these banks will run on a hybrid cloud architecture by 2018. A significant part of the CIO role will now mean managing different types of clouds in operation.
“With growing regulatory support for cloud and the intensifying competitive pressures forcing Asia/Pacific banks to look at what cloud can offer in terms of cost take-out and quicker go-to-market, cloud adoption will scale up this 2017. IDC sees a group of 20 Asia/Pacific banks that are effectively cloud-first in architecture. Early adopters will enjoy cost take-out of up to 20% between now and 2019," says Michael Araneta, Associate Vice President for IDC Financial Insights Asia/ Pacific.
"Banks will need to identify which assets, infrastructure, and applications can first move to cloud. Application owners from the business must work with IT to put a lens on workloads, data, and systems, and look for those that are already tuned for cloud and the implications that the migration to cloud will have on business objectives," adds Sneha Kapoor, Senior Research Manager for IDC Financial Insights Asia/Pacific.
The IDC MaturityScape Benchmark: Cloud in Banking in Asia/Pacific aims to enable banks to assess their adoption and use of cloud technologies against industry peers and to support strategies to progress in the use of cloud based on their business goals.
It also provides a comprehensive overview of IDC’s cloud maturity model and help guide banks, especially in Asia/Pacific, in answering the following questions:
For more information on this report, IDC MaturityScape Benchmark: Cloud in Banking in Asia/Pacific, 2017 (AP41393016, February 2017), please contact Michael Araneta at email@example.com , Sneha Kapoor at firstname.lastname@example.org or your IDC account manager.
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 email@example.com, 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.