Market Research Logo

IDC FutureScape: Worldwide Financial Services 2016 Predictions – APEJ Implications

IDC FutureScape: Worldwide Financial Services 2016 Predictions – APEJ Implications

This IDC Financial Insights study presents the top 10 predictions for global financial services as they apply to the Asia/Pacific market. We present the top 10 areas that we believe will profoundly reshape organizations' use of IT, especially as the adoption of 3rd Platform technologies and innovation accelerators gains momentum throughout the industry. Michael Araneta, IDC Financial Insights Asia/Pacific research director states, "The industry will see many new concepts applied to the real business of banking and insurance, products that would never have been possible before the advent of the 3rd Platform, and a radical improvement in business processes suddenly made possible and practical by new technologies. The fun begins for an industry traditionally faulted to be too stuffy."


IDC FutureScape Figure
IDC Opinion
In This Study
Situation Overview
Summary of Key Drivers
IDC FutureScape Predictions
Prediction 1: Top-Tier Banks Will Double Workloads Being Put Into Cloud Technologies.
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 2: By 2018, There Will Be a Competitive Market for Packaged IoT Software Platforms for the Insurance Industry.
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 3: Omni-Engagement Levels Become the Barometer of Customer Profitability for Financial Institutions as the Number of Interactions Increases 10% Year over Year
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 4: In 2016, Personal Financial Management (PFM) Tools Will Inspire Evolution of the Mobile Banking Channel
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 5: FSI Investment in IT Will Grow at a 4% CAGR Through 2019, with a Total Investment in Both Third-Party and Internal IT Resources Reaching US
500 Billion by 2017
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 6: Compliance Spending Will Continue to Escalate over the Next Five Years.
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 7: Implementation of Cognitive Systems in FSIs Will Create 20% Improvement in IT Efficiency— Starting with Trouble Ticket and Case Management and Migrating over to Use Cases in Customer Self-Service Later and Migrating to Customer Service by 2018.
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 8: In the Next Two Years, Investments in Cognitive Systems by Financial Institutions Worldwide Will Eclipse the US300 Million that Is Spent Annually on Software to Begin Transforming Internal Payment Technology.
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 9: Within the Next Year, Total Worldwide Mobile Payments Will Approach US1 Trillion, the Majority of Which Will Be on Online Purchases Through Mobile Devices
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Prediction 10: By 2018, 50% of Capital Market Players Will Strategically Invest in Advanced Analytics to Automate Investment Advice, Client Analytics, and Reporting, and to Optimize Predictive Modeling
Associated Drivers
IT Impact
Technology
People
Process
Guidance
Essential Guidance
Key Drivers
1. DX — Accelerating Business Disruption from Digital Transformation
2. Staying Relevant — New Entrants and Products Disrupting Financial Industry
3. Cy-Q — An Interconnected, Informed, Interactive, Intrusive, Intelligent, and Cognitive Ecosystem
4. Legacy Modernization — Challenges to Modernize While Still Running the Bank
5. New Nature of Risk — Innovation Spawns New Thinking in Risk Management
6. Cloud Life — The Merging of Real Life with Digital Identity
7. Talent Quest — High Demand for Next-Generation Business / IT Skills, but Scarce Supply
Learn More
Related Research
Synopsis

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report