Thought Machine-IDC research reveals that approximately 95% of banks in Asia are using second and third generation banking technology, severely limiting their ability to innovate, while increasing their costs.
With the average age of core banking technology in Asia at 20 or more years, the imposed technology gap for infrastructure is increasing banks' cost-to-income (C/I) ratios by 3-5%. Limited ability to automate processes and decisioning adds another 4-7% to the C/I ratio.
There is an innovation gap in the Asian banking market. Banks must adopt fourth generation core banking technology to best meet the evolving needs of customers and remain competitive.
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