Guest View: Adapting strategies to the changing FSI landscape in Asia Pacific

Lee Field, Head of IT Consulting, Asia-Pacific, Verizon Terremark

A comprehensive business continuity plan helps to protect an organization's centralized infrastructure from extended outages by distributing its content across a distributed computing platform. This eases the load on an FSI's existing infrastructure to improve the uptime of business-critical Web services.

A key component to business continuity is the ability to provide a secure, distributed and high-availability storage service. Ideally, any contingent implementations to guard against outages should be scalable and streamlined to maximize cost-efficiencies.

4.                                         What's next for the industry

The FSI industry remains to be one of the most dynamic sectors in Asia Pacific, largely determined by its varying maturities and adoption rates across the region. Global IT spend in financial services is expected to exceed $430bn in 2014 and $0.5 trillion by 2020 [14]. Technology advancements such as social media is increasingly being used as part of an organization's initiatives to address customers' needs. The maturation of Big Data technologies will also bring opportunities for financial institutions to enhance their operational and marketing strategies, ranging from the measurement of return on investments (ROIs) to more targeted outreach to customers.

 These kinds of advancements in technology allow customer insights to be gathered and acted upon at the point of interaction. This will be a game changer for many FSI organizations, whose success is determined by their ability to provide a seamless omnichannel experience for their customers. Financial institutions in Asia Pacific that accurately utilize the power of this technology can exploit the benefit of the dynamic nature of the industry in the region and reap the potential huge benefits.

 

[1] http://www.forbes.com/sites/luisakroll/2013/03/04/inside-the-2013-billionaires-list-facts-and-figures/

[2] http://www.worldwealthreport.com/apwr

[3] http://www.hfw.com/Myanmar-open-for-business

[4] http://www.chinadaily.com.cn/business/2011-04/08/content_12291027.htm

[5] http://www.emarketer.com/Article/Asia-Pacific-Reaches-Whopping-25-Billion-Mobile-Phone-Users/1010247

[6] http://www.cisco.com/web/solutions/sp/vni/vni_forecast_highlights/index.html

[7] http://visual.ly/social-media-facts-2013

[8] http://wearesocial.net/blog/2013/03/state-social-asia-march-2013

[9] http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/evolving-banking-regulation/Documents/evolving-banking-regulation-asia-pacific-2013-v3.pdf

[10] Shining the Light on Data Breach Laws : The Impact on Australia and Across Asia-Pacific

[11] http://www.mckinsey.com/insights/financial_services/the_changing_face_of_asian_personal_financial_services

[12]http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Commercial%20Banks/Regulations%20Guidance%20and%20Licensing/Notices/Notice%20MAS%20644.pdf

[13] http://www.all-about-security.de/fileadmin/micropages/Micropage_Akamai/Akamai_Security_Capabilities_Whitepaper.pdf

[14] http://www.bobsguide.com/guide/news/2013/Dec/11/idc-financial-insights-top-10-predictions-for-2014.html

 

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