Asian Banking Finance: Asia-Pacific IT Priorities: One Year After the Pandemic
by Eiichiro Yanagawa, Senior Analyst, Celent
Celent conducts regular surveys of trends in the financial services industry. In this survey, Celent examines IT priorities in the new normal, one year after the pandemic.
The survey consisted of 10 questions, asked in both August 2021 and July 2020, seeking input about post-pandemic business goals, IT budgets, and priorities for applying IT to the new normal. The survey questions are almost the same, but with slight modifications to reflect the new situation.
The majority of survey participants were senior managers, including C-level executives, followed by middle managers and practitioners. The geographic distribution was about 70% in Japan and 30% in the major APAC financial markets (Singapore and Hong Kong).
The method was to obtain quantitative responses in an online survey, followed by a telephone interview to obtain qualitative views from the respondents.
Many open-ended responses of the survey participants were recorded in their statement quotes (anonymously). The biggest change in 2021 was the progress in the application of IT to the new normal that reflects the widespread use of vaccines and infectious disease control. There was less concern about stagnation in innovation and more positive talk about exploring growth strategies in the new normal with IT as an enabler.
There was a clear shift in gears from "survival" (supporting customers and employees under a pandemic) in 2020 to "prosperity" (understanding new customer behaviors, searching for new approaches, and implementing new normal business practices) in 2021. Major financial institutions in Japan and APAC have begun to use IT as an enabler and to use IT to change their business organizations. The reverse of Conway's Law (“IT architecture will change your organization.”) has begun.
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