This IDC Financial Insights report discusses the evolving core banking market in Asia/Pacific in 2009, examining the deals and strategies of nine of the most active core banking vendors in the region.
Keith Lam, associate market analyst, Asia/Pacific IT Benchmarking Advisory Service, states, "Our analysis indicates that there ultimately has been no material change in the number of new deals signed in 2009 versus 2008. For 2010, however, we expect a slight uptick in deal numbers, particularly from new banking players coming into the industry, midtier banks that want to pursue opportunities in the upturn, and institutions that are quickly regionalizing."
Michael Araneta, associate consulting and research director for IDC Financial Insights Asia/Pacific, comments, "We continue to see the shift toward a more iterative and component-based approach to core banking renewal, increasingly making such initiatives similar to business reengineering programs. This is a real selling point of the new approach, since it brings the business transformation agenda to a broader array of stakeholders. It makes the core banking initiative more than just a 'high-risk project for the technology folks,' a stigma typically attached to core banking projects in the past."