Abstract
This Financial Insights report examines the core banking environment for
Asia/Pacific (APAC) in 2008. The continued evolution and maturity of
the core banking landscape in the region did not lead
to any significant change in the number of core banking
deals in 2008. Asia' s financial institutions are currently seeking to
balance the need to control costs in this difficult economic
environment while still making the necessary core banking investments to
maintain a competitive edge in their markets.
Abhishek Kumar, senior research
analyst, Asia/Pacific IT Benchmarking Service, states, "There has been a
slight increase in the number of core banking deals in
the Asia/Pacific region for 2008, and this further validates Financial
Insights' statement in last year' s report on the continuing evolution
of the core banking market in the region." With the
economic crisis worsening throughout 2008 and into 2009, Kumar lists
some expectations for the core banking market in 2009. "As
with 2008, we do not expect any significant increases in
the number of core banking deals in 2009. However, single
product or module-related deals are beginning to represent a larger
portion of the core banking landscape, with financial institutions seeking
to bolster existing solutions and expand their scope of business
to tap additional revenue streams." Kumar concludes, "Core banking will
undoubtedly continue to be of high strategic importance to financial
institutions. To those banks that have not made this investment
yet, we strongly recommend they do not prioritize cost cutting
over making such necessary investments."
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