Southeast Asia IT Spending in Banking
Celent estimates bank spending on IT across Southeast Asia will grow to US$5.2 billion in 2016, approximately 4.6% higher than 2015. The good news is that the momentum is positive and consistent, and it will continue for the next few years.
In Southeast Asia, banks are beginning to use technology to reinvent customer service and delivery models. The major trends are core banking replacement and digital channels. The shift to digital channels and automation not only lowers the transaction costs but also changes the economics of serving millions who are currently unbanked. The major fields include core banking, mobile banking, mobile payment, big data, and relationship-based pricing.
In the report Southeast Asia IT Spending in Banking, Celent examines market size, market trends, and vendor strategies.
“Celent recommends that vendors can provide advanced core banking systems to immature markets such as Laos and Myanmar; digital channel solutions to markets in Malaysia, Indonesia, Thailand, and Vietnam; and innovative solutions to Singapore markets, such as big data and cloud solutions,” says Hua Zhang, an analyst with Celent’s Asian Financial Services practice and author of the report.