Asian banks are in a good position to survive the crisis and expand their business as long as they are willing to make tough decisions on reshaping their business models and invest in the necessary IT platforms. This will require decisive leadership.
As technology gets better, your ability to make choices improves. And the ability to make choices improves to the extent that, unless you are in the top two or three in your chosen markets, why would you ever be successful as number four or five, cautions Nixon. There are some real issues about how many global players do we really need to win in this market. How many regional players do we need to win? What niches can you go into to be successful?
Youve really got to think about those issues and the shape of the business you want to create, because unless you are in the top four or five, youre not going to win, adds Nixon. Youve got to have that strategy to get to that point.
To sell and deliver the business value of new initiatives in todays investment environment, it may be prudent for IT directors to propose a pilot project approach to test and prove the business case with the minimum initial investment. This will enable banks to take advantage of the new emerging market opportunities while scaling up investments in line with project profitability and return-on-investment objectives.
Undoubtedly, there are Asian banks that are already well down this path and punching above their weight. To those banks, I ask you to email me or MIS Asias editor, Ross O. Storey, to obtain an application form for our IT Excellence Awards 2009. We want to share your story.
You may also email us about any outstanding up-and-coming Asian vendors you believe are growing rapidly or have a unique value proposition. We will review these vendors for our inclusion in the Rising Stars section of our Strategic 100 annual in November 2009.
Andrew Smart is the regional director of Fairfax Business Media and publisher of MIS Asia.