Impact of the COVID-19 to Asia/Pacific Banks: Watch Lending Growth Instead
This IDC Perspective presents our assessment of the impact of the rise in infections of the novel coronavirus (COVID-19) to Asia/Pacific banks. We look at projections for technology-related spending that banks are making to continue operations and maintain revenue growth. Michael Araneta, AVP for IDC Financial Insights Asia/Pacific, says, "We do not expect a significant increase in spend, but rather a reappropriation of spend, to refocus on enterprise risk management (ERM), but also to make tactical investments in cybersecurity." On the theme of risk management, Araneta adds, "Banks will make investments in countercyclical solutions, specifically to smooth out the negative effects of an expected downturn. These include decision analytics to support lending especially to hard-hit sectors, portfolio analytics, and collections and recovery systems."
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