Forty percent of the decision makers in Asia's financial services institutions (FSIs) are expecting their IT budgets to exceed 10 percent this year as the industry collectively renews its resolution to further digitise its practices.
This one of the findings from a poll conducted among 650 C-level executives from 215 Asia Pacific banking and insurance institutions at the recent IDC Financial Insights' Asian Financial Services Congress.
The poll also found that Asian FSIs have relatively young core systems, with 32 percent of the respondents admitted to owning related IT assets that are less than seven years old.
Cloud is now seen as an enable to business agility too. Three in every five FSIs claimed to be committing themselves to private, hybrid and public cloud investments this year.
According to Sui-Jon Ho, market analyst at IDC Financial Insights, the shifts in IT investment is a "strong reflection of future trends and the financial sector's growing maturity in reconciling 3rd Platform technologies with day-to-day operations."
"As many of our leading FIs have demonstrated, the hallmark of a truly innovative organisation lies in renewing legacy systems or practices through the right technological acquisition to create new synergies which are still firmly anchored to the existing business," added Ho.
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