IDC Financial Insights unveiled its 20 best banks in the Asia/Pacific region through the Best Banks 2020. This research initiative looks at the successes of the institutions sustained through time in the areas of digital innovation, IT operational efficiency, and core market growth.
The recognition is based on IDC Financial Insights’ continuous research on the banks in the region that have transformed themselves over the years to be ready for the new decade of financial services.
“The 20 best banks are chosen because of the select unique capabilities that each of them has that was discovered by IDC in a series of interviews with C-suite leaders. We will develop continuous research such as case studies and executive briefings with these institutions. One important intention of this program is to show that despite the threat of disruption by FinTechs and Challengers, traditional banks are in fact thriving more than ever,” says Michael Araneta, Head of Research & Advisory at IDC Financial Insights Asia/Pacific.
Best Banks 2020 in Asia/Pacific
These 20 institutions have distinguished themselves in the seven key areas in the effective adoption and use of technologies, and created organizational discipline to support such technologies : Hybrid IT, Cloud, Core Abstraction and refactoring to microservices, Agile and DevSecOps, Agile Innovation, Application Programing Interfaces, and Open Baking. These Banks represent what IDC deem as digitally determined organizations, with a long-term commitment to digital transformation (i.e. investments, strategy and operating model, that goes beyond 1 year). They represent some of the special class of institutions that have attained the gold standard of digital transformation, what IDC calls the Future Enterprise.
The banks’ effective use of technologies is noted to positively impact the business in three key areas – customer engagement, operational efficiency, and the creation of new business models. IDC Financial Insights will utilize these banks as reference banks for the best use of financial technology and will be the basis of IDC Financial Insights’ research on benchmarks on technology ROI.
Out of the 20 organizations on the list, IDC Financial Insights will select spotlight winners of the Financial Insights Innovation Awards 2020, who have distinguished themselves particularly in the best use of technology and technology services in IT and business innovation projects for the period of 2019 – 2020. The winning organizations will be announced at the IDC Asian Financial Services Congress 2020.
