This IDC Financial Insights report details the discussions and findings of our 2013 Bangkok Banking Roundtable. This event was held in conjunction with HP and brought together 12 executives from nine of the largest and most prominent financial service institutions in Thailand. These institutions' key decision makers discussed in detail the strategic IT initiatives their banks were currently undergoing and/or in the planning stage for. They also outlined how they thought these trends would shape the future scene in financial services throughout Thailand.
According to Michael Yeo, market analyst, IDC Financial Insights Asia/Pacific, "The most interesting finding lies in the usage of cloud (specifically referring mostly to private and secure clouds within the organization). Whereas others in the Asia region such as Singapore and Malaysia have shied away from delving into usage because of regulatory restrictions and a lack of clarity on what exactly has been acceptable, our discussion revealed the extent of interest in private cloud (in many cases paired with virtualization) within banks, many of them in the midst of projects aimed at cost management efforts. If initiatives have not already been started, then many are looking into ways in which cloud can be leveraged to provide benefits. Usage is not without its caution; a key Thai FSI stated that while it is exploring cloud technology, it was carefully balancing the cost versus security issues that were involved and that resilience and data security were the two primary concerns that had to be addressed in full before any cloud projects could be commissioned internally."
Additionally, Yeo states, "Further discussions on risk management from FSIs in Thailand show a recognized movement and shift in thinking away from simply thinking of risk management as a standalone initiative. FSIs are moving toward thinking of how to generate revenue from RM activities and controls; they are exploring ways to use RM as a tool that can actually help make FSIs more profitable."