AFSC X: Defining the Next Decade
Much has changed since IDC Financial Insights launched the Asian Financial Services Congress, 2005, but more exciting times lie ahead as the Asia/Pacific region becomes a battleground in the next decade of global financial services.
When we inaugurated the Congress, our industry was dealing with a far simpler competitive landscape where institutions could still thrive by keeping to traditional loans-and-deposits businesses. The turbulence of recent times disrupted revenue streams, put cost management high on the agenda, and also created the opportunity for ambitious Asian banks to take over the space vacated by retreating foreign institutions. Our homegrown institutions launched new revenue streams and deployed more efficient models of operation.
Today, the financial services industry is all about new breeds of institutions - some could be domestic champions, some super-regionals with massive overseas ambitions, some specialist players focusing on niche markets - but all fighting hard to win the race for financial and technological supremacy. As the financial services industry faces a hyper-competitive, a more volatile and more complex environment, IDC Financial Insights predicts these and more considerations for the new decade:
- The number of institutions competing within the Asia/Pacific region will grow by at least 10% - an expansion of sheer numbers underpinned by super-regionals and the entry of niche market players
- 20% of revenues of Asia/Pacific banks will come from non-Asian markets
- 25% of revenues of the top 250 Asia/Pacific banks will be attributable to non-interest income
- Close to 100% of the bankable populations in China, India, Vietnam and the Philippines will have at least one banking relationship
- 50% of IT spending will be on the Four Pillar technologies (mobility, cloud, Big Data and analytics, and social)
Designing a future-proof strategy for the upcoming years hinges upon thinking beyond business-as-usual, and beyond the confines of the geographical and cultural boundaries demarcating Asia. To discuss these strategic initiatives - and how to execute on these for the next ten years - IDC Financial Insights will once again bring together the industry's preeminent thought leaders, practitioners and innovation champions alongside our expert team of consultants for our tenth annual Congress - The AFSC 2014 - to help your financial institution 'Define the Next Decade'.