The financial services sector across the Asia Pacific Japan region is increasingly embracing technology to address the growing customer expectations, according to SAP AG. This is reflected in the enterprise software provider's double digit growth last year for non-IFRS (International Financial Reporting Standards) software and software-related services in the region.
According to the company's media statement, more than 20 banks and 10 insurance companies in the region had purchased SAP solutions last year. The solutions were said to have been used to solve complex operational challenges, unlock growth opportunities and better serve customers.
For instance, Adarsh Credit Cooperative Society - a multi-state credit cooperative society in India-implemented one of SAP's offerings to "catalyse the state of financial inclusion in India," said Himanshu Shah, Adarsh Credit's Chief Technology Officer. With the adoption of SAP mobile technologies, customers of Adarsh Credit - including the low income population -are now able to conduct bank transactions quickly and securely over mobile devices.
Financial services organisations will continue looking for ways to simplify their operations, said Andrew Pitcher, Senior Vice President and General Manager of Financial Services and Strategic Industries for SAP Asia Pacific Japan. Solutions that are able to do so, such as the SAP Financial Services Network and SAP's cloud offerings, are thus expected to garner more interest this year.