Sandra NgGroup VP, IDC Asia/Pacific Practice Group
The FSI industry is going through the biggest transformation it’s seen in years. The mindset is changing from “build it and they will come” to “engage once they are here.” This shift requires digital transformation (DX) of people, business processes, and technology.
IDC predicts that worldwide FSI investment in IT will grow at a 4% CAGR through 2019, with total investment in both third-party and internal IT resources reaching $500 billion by 2017. The rate of growth is higher in Asia/Pacific.
FSIs are investing in omni-channel engagement to keep their digital-savvy customers from taking their money elsewhere if their expectations of a satisfying experience aren’t met.
Omni-engagement levels will become the barometer of customer profitability for financial institutions as the number of interactions increases 10% year over year.
DX holds the key to the industry’s makeover as it paves the way for greater freedom for business innovation.
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