76% of APAC banks expect higher profits in 2013: IDC Financial Insights
Singapore and Hong Kong – 1 March, 2013 – Regional lenders continue to remain upbeat on 2013 as new growth opportunities make themselves evident in Asia.
A survey conducted by IDC Financial Insights of 163 senior decision makers has revealed that 76% of the region's main financial institutions expect revenues to grow by up to 10% this year. Meanwhile, 15% predict growth to surpass 10%, altogether signaling an industry-wide affirmation on 2013's business prospects.
The survey was conducted on 28 February 2013, Day One of IDC Financial Insights' Ninth Asian Financial Services (AFS) Congress, held at the Marina Bay Sands in Singapore.
Ho Sui-Jon, Research Analyst at IDC Financial Insights Asia/Pacific says, "This year, Asia's banks are clearly taking the offensive – risk management no longer tops the IT spending priority, instead it is making way for new projects relating to optimization and technological streamlining. Strong undercurrents brought on by Asia's maturing and converging regulations will be the principal driver for innovations within the financial sector, followed by China-led growth prospects, and the enablement of self-service banking. It would seem today's increasingly self-sufficient Asia will finally separate itself from the embattled western economies and carve out a space for itself in global financial leadership."
Additionally, respondents have identified the following as the top pain points to address in their growth strategy for 2013 moving forward – security and fraud management; governance and compliance; customer insights; and credit risk management. These clearly signal the readiness of financial institutions for aggressive expansion into the retail, SME and HNWI segments, and ultimately to "go regional" if they have not already.
The focus on creating an operational model that is compatible with Asia's diverse consumer and regulatory domains has been brought on by the growing sophistication of analytics technologies and the establishment of clearer regulations concerning the use of (and risk-tolerance towards) bleeding-edge technologies. Emphasis on channel efficiency, in mobile, online and surprisingly branch platforms is of course integral in accommodating these expansive ambitions, and banks now, more than ever, will feel the strain on internal infrastructures attempting to keep pace.
Organized by IDC Financial Insights, the AFS Congress brings together leading financial practitioners from across the region every year to deliberate on the pressing economic and business developments sweeping across the global financial markets. More than 650 delegates turned up on the first day of the event, underscoring the urgency of topics set to be discussed throughout the Congress.
The Asian Financial Services (AFS) Congress is currently taking place at the Marina Bay Sands Singapore. It will end today with the announcement of the most innovative strategic IT projects that drive business differentiation in Asia/Pacific financial institutions.
For media enquiries, please contact Emily Chia at firstname.lastname@example.org or +65 6829 7731.
About the Asian Financial Services (AFS) Congress 2013
About IDC Financial Insights
For more information, please contact: