Notes from the Singapore Banking Roundtable: Cost Issue Rears Its Head

Published by: IDC

Published: Aug. 4, 2008 - 12 Pages

Table of Contents

Abstract

This Financial Insights report presents the key discussion points from a closed-door roundtable led by Financial Insights and involving 14 CIOs and IT heads from Singapore-based banks. This report discusses four initiatives that feature prominently in the agenda for banks: customer profitability, datacenter consolidation, platform standardization, and security and fraud management. The report also cites how the slowdown of the global economy bears on these initiatives, forcing banks to rearticulate current projects, focusing on opportunities for cost reduction and cost management.

Michael Araneta, senior research manager for Financial Insights Asia/Pacific IT Benchmarking comments, "As implications of the slowdown are understood more thoroughly, Singapore-based banks realize that strong fundamentals for an expansion of product and customer bases still exist and that the cost management agenda has to be balanced by pursuit of business growth."

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