IDC Financial Insights recently released a new report, which covers the company's top 10 predictions for the EMEA banking industry in 2010.
According to Rachel Hunt, director for EMEA banking research, 'Banks that started transformation projects three years ago will be better placed to compete in the future, while small institutions need to understand that few will survive the greatest market dislocation we have ever seen, without considerable review of their operating models. 2010 will be the year of intelligence as a competitive differentiator, as they tackle regulation, increasing audit and transparency requirements, and new competitors'.
Each prediction comes from extensive collaboration among IDC Financial Insights analysts around the region. Prediction documents are created to identify top trends that will impact business and technology decisions in the upcoming year. The predictions are developed by senior analysts based on research conducted with technology buyers in the industry and focus on the transformation of major business processes and the role IT will play in the transformation. Predictions focus on 2010 but will frequently have a long-range impact.
Focus, transparency, and resolve will continue to be the guidelines for 2010, as banks tackle continued economic and financial strain. As the cost of doing business increases, banks that can harness information to deliver real intelligence will lead the pack. IDC Financial Insights' top 10 predictions for EMEA Banking in 2010 are as follows:
1. Risk spending will be a highlight in otherwise flat IT spending priorities.
2. Banks in 2010 will no longer be able to afford tactical regulatory compliance as compliance IT budgets grow to 25%.
3. Banks will be challenged to take out 10% of IT costs to survive.
4. Independent risk control will become integrated risk control as risk management moves closer to the point of origination.
5. Data management strategy will be revised to deliver control back to the business and the end user as silo infrastructure is leveraged.
6. Two more big banks will fail in Europe, while many small institutions will be forced to merge.
7. New government and regulatory requirements will open the market to more nimble competitors.
8. Will the banking industry finally tackle the single customer view ?
9. Better business intelligence will allow banks to battle for SMEs in 2010.
10. In 2010 mobile banking will gain critical momentum, contactless payments will not achieve critical mass, and mobile payments will continue to fail.
A webcast on the above can be found at:
This report is available for purchase at www.idc-fi.com
About IDC Financial Insights
IDC Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Its global research covers topics of strategic importance to corporate and retail banks, insurance carriers, and asset management, securities, and brokerage firms. In addition to the United States, local practices in Asia/Pacific, Canada, Europe, and Latin America add in-depth regional viewpoints.