Risk management, compliance, and cost management are top strategic imperatives for Hong Kong banks in the next 12 months, said IDC that had a closed-door session with 12 technology leaders from key banks headquartered out of Hong Kong recently for a discussion on critical business, operational, and technology related issues impacting their businesses.
These imperatives are rated higher than others such as expansion into other markets, operational efficiencies, and customer experience improvement, according to the research house.
"Hong Kong is easing back into a recovery mode, but wary of the fragility of the economic situation, bankers are placing concerted efforts to look for sustainable business growth," said Li-May Chew, CFA, senior research manager, Financial Services Advisory for IDC Financial Insights Asia/Pacific. "Topics that currently garner mindshare center around IT optimization, distribution channels, customer centricity and analytics, and compliance and risk management. These are mostly tied to the omnipresent need to manage cost and unlock more value from customer engagements."
Technology optimization sees a focus on application portfolio management to reduce the cost of maintaining business suites, and interest in Web-delivered IT services that can be quickly deployed and delivered over the Internet, according to IDC, adding that it also points to the need for IT initiatives to be reconfigured to smaller bite-sized initiatives that can provide more instantaneous returns.
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