AsianBankingFinance: COVID-19 Impact on FIs' IT Plans in Japan and APAC

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
16 June 2020
Singapore

In the transitional period from the unprecedented emergency to the new normal, the Japanese and APAC financial institutions have stepped up their countermeasures.

In Japan, the responses of survey participants clearly changed after the government declared a state of emergency and the FSA Guidelines for Basic Policies were released. The response of Japanese financial institutions to the crisis has progressed in stages, initially by their changing the “internal IT structure,” then providing “IT support for customers,” and finally “reviewing the entire industry value chain”.

In APAC countries, too, the responses collected after the lockdown or the announcement of IMF’s International Macroeconomics Indicator were greatly different from the responses before them. Many APAC financial institutions, concerned about the stagnation of cross-border transactions, delays and failures in global supply chains, including IT resources, in addition to the slowdown of their own economies, said they were reviewing their IT sourcing models, including how to respond to crises in their IT development and operations.

sign in or register to read more

News article details

Industry or Business Focus
Banking, Capital Markets, Corporate Banking, Financial Risk, Insurance, Investment Management, Life & Health Insurance, Operational Risk, Property & Casualty Insurance, Retail Banking, Risk & Compliance, Securities & Investments, Wealth Management
Media Type
News Articles
Geographic Focus
Asia-Pacific