2013 Top 10 Predictions for the EMEA Financial Services Industry Revealed by IDC Financial Insights

On 23 January, IDC Financial Insights revealed their 2013 Top 10 Predictions for Europe, Middle East and Africa (EMEA) Financial Services industry during an event in London. Attended live by representatives from financial institutions and technology providers, the event highlighted key trends and developments that will impact EMEA financial services' business and technology investment decisions in 2013 and beyond.

Following the event, IDC Financial Insights team also released a report titled, EMEA Banking 2013 Top 10 Predictions: Laying the Foundations for a Next-Generation Banking Platform in the New Macroprudential Era (IDC Financial Insights, # FIBA01V, January 2013)
According to Rachel Hunt, Head, EMEA, IDC Financial Insights, "Surviving in the Macroprudential era will require fundamental changes to the business and technology framework of European banks. 2013 will see many institutions laying the foundation of the next generation banking environment where data will be a key differentiator. Budgets will remain morose, IDC Financial Insights estimating that banks will spend $71.7bn in 2013 for ICT internal and external spend, a CAGR of only 3.6% for the region. MEA, usually more buoyant will still only see single figure growth of 7%. Digital channels will remain the key area for innovation, whilst banks balance regulation and increasingly fragile infrastructures."

IDC Financial Insights' Top 10 Predictions for the EMEA financial services industry for 2013 and beyond are:
1. Though the burden of regulation will not relent, 2013 will be the year that banks leverage data gathering and reporting initiatives through increased analytics to maximize risk-adjusted returns on capital
2. After a year where operational risks were rarely out of the headlines and reputations continued to take a hammering, 2013 will be the year that Operational Risk is more aggressively reviewed
3. Security and Data Loss Prevention will rise in the CIO heat map to rank in the top 3 priorities as first mobile malware scandals hit EMEA banks
4. Banks will tackle "social at scale" challenges as over 40% of consumers will have interacted with their bank over a social networking site in 2013
5. Mobility will continue to generate myths, risks and hidden opportunities, but the window of opportunity for banks will shrink as smartphone adoption tops the 50% mark in Europe
6. Bank business models evolve to meet service expectations of the new end-user environment, but Tier 1 banks will be limited by legacy infrastructures
7. Banks will begin to make greater use of new [private] cloud-based services as part of the ongoing drive to reduce operational costs and increase efficiencies
8. Banks will develop – and implement – strategies for addressing the challenge of Big Data, but the rate of progress will vary substantially due to operational, technological and cultural issues
9. Fresh cross-border M&A activities will be explored in 2013 in line with the development of Europe's fledgling banking union
10. An increasing number of service-affecting IT systems failures will occur, with institutions battling to keep existing platforms functioning in a continued climate of budgetary constraint.
Prior to the event, EMEA IDC Financial Insights analyst team also presented a web conference titled: IDC Financial Insights Predictions 2013: EMEA Financial Services. The web conference was presented by Rachel Hunt, Head of IDC Financial Insights EMEA, along with the analyst team including Alex Kwiatkowski, Matt Sauer, and Bijen Ramdas. Access the recorded web conference via http://bit.ly/FI_Predictions2013_EMEAFinancialServices
A complete list of the published IDC reports and recorded web conferences on 2013 predictions can be accessed via http://www.idc.com/research/Predictions13/index.jsp

Source:
http://www.idc.com/getdoc.jsp?containerId=prUK23921613

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