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The need to increase revenues and to keep in step with regulatory compliance are seen to propel IT spending in the Asia-Pacific retail banking sector.
The Asia-Pacific retail banking IT spending market will increase by $1.2 billion this year and hit $30 billion over the next five years, growing with a compound annual growth rate (CAGR) of 5.7% from the beginning of 2012 to 2016, Ovum reported.
In a new forecast, the technology analyst stated that the Asia-Pacific spending on retail banking technology will increase by $7.1 billion, and banks in emerging economies in the region will grow the fastest at a rate of 8.3% in 2012, hitting $10.2 billon by year end.
Jaroslaw Knapik, Ovum financial services analyst and author of the forecast commented, “The technology investments will be mainly driven by the need to grow revenues but the changing regulatory compliance will also take a significant toll.”
“Returning revenues to pre-recession levels is a priority for a number of institutions, although for many it is unsurprisingly a significant challenge. Banks still need to focus on improving customer trust and increasing sales and servicing effectiveness,” he said.