Get Insight into

Topics
Our Thoughts > Banks Tapping New Potential in Asia

Banks Tapping New Potential in Asia

Banks are investing heavily in data and IT to tap new potential.
data-it-asia
Asia Pacific banks will intensify their efforts to tackle the largely unbanked segments of the population in China, India, Vietnam, Indonesia, and the Philippines; create trade finance and cash management propositions for the Asia Pacific corporate and SME market; and build strengths in retail and cross-border payments.

“Global banks will also strive to be seen as ‘more Asian’, which can spur regionalization initiatives and engender a real pursuit of the Asia Pacific market,” says Michael Araneta, consulting and research director for IDC Asia Pacific.

Araneta states that the broader area of risk management will see strong growth as banks spend on specific solutions that allow them to support growth amid weak global economic conditions.

“Spending areas around market risk, liquidity management, and asset-liability management will be of high priority. There are also some industry segments and functional IT areas that will see robust IT spending growth. In general, we see healthy IT spending from banks in large, geographically dispersed markets, as well as mid-sized banks that are attempting to be tier 1 players.”

getchee Take
Despite weak global economic conditions, banks are pushing hard to tap into Asia’s largely growing middle classes. We still see a lot of news on China; however, markets like Indonesia and Vietnam shouldn’t be overlooked. Growth in these markets is quite positive as we’ve seen many restaurants and apparel retailers enter the region or even greatly expand their network in the past year. The push from banks further bolsters the fact that there’s a lot of potential for growth, but it’ll take smart IT investments to capture the right data and more importantly know what to do with the data since the retail landscapes are changing so quickly.

Source: IDC


By Edward Eng 
Business Development Manager
Share：

Related Articles

Vietnamese coffee brands
The love and hate relationship of international brands in Vietnam's coffee market.
2023 03-01

As Vietnam's middle class rises, the coffee and tea market in Vietnam has a value of over $100 million. International coffee brands have long set thei...

food truck is the best choice for small business
How to start your small franchise business? 5 recommend industry and something you should know.
2020 07-17

There are thousands of options for small business. But which one is popular, and what should I know before starting a retail store?

Does a bubble tea shop can make a profit
Does a beverage store can make money? 4 things your need to know before opening it.
2020 07-15

Does a beverage store can really make money? How to run on your beverage store/brand for a long term? Here’s are 4 things you need to know before open...

.

Subscribe to Our Insight

Stay up to date with the latest white paper, infographic, and our thought.