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Posted by Michael Barnes on December 29, 2013
As research for my upcoming report on cloud adoption among banks in Asia Pacific (AP), I’ve spent the past several months interviewing senior IT and business decision makers at banks and other financial institutions across the region. I’ve also met with banking regulators and spoken with cloud providers with a strong AP presence. Look for the full report early in the new year. In the meantime, I wanted to share some key findings.
In the age of the customer, easy access to alternatives means customers’ barriers to exit have come down. This trend is particularly pronounced in banking, where the shift from physical (branches, ATMs), to virtual (online banking, mobile access), is nothing new. Incremental improvements in existing IT infrastructure and operations are necessary but nowhere near sufficient. In 2014, banks will steer more of their IT spending towards systems of engagement, which will further accelerate cloud adoption across the region.
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