MEA finance sector seeks operational efficiencies

COMPUTING

|
Image: By BiztechAfrica
MEA finance sector seeks operational efficiencies

In a recent survey conducted by market research and consulting company IDC, 96% of key IT decision makers in the finance industry across the Middle East and Africa (MEA) indicated that they were planning strategic initiatives focused on addressing operational efficiencies. The survey showed that the top challenges faced by CIOs in the region's finance sector include staffing issues, ensuring return on IT investment, and maintaining security.

The IDC Financial Insights report also reveals that financial institutions lack the internal staffing skills required to implement wide-scale IT projects such as core banking, and regularly rely on vendors or systems integrators to fulfill this role. From a vendor perspective, this presents a great opportunity, says IDC. Furthermore, large financial institutions in the region have a long-established market presence and, as a result, face inherent legacy challenges that have constrained their ability to adopt new technologies.

"Technology transformation in the highly competitive finance sector in the MEA region has gained significant momentum recently," says Bijen Ramdas, a senior research analyst at IDC Financial Insights Middle East, Africa, and Turkey.

"Through their IT investment decisions, CIOs from the finance industry aim to deliver sustained profits to shareholders and control costs as key business performance metrics. Customer focus, in conjunction with the consumerization of technology, remains a critical consideration for financial companies."

According to Ramdas, the most urgent tactical priorities for IT investment in the coming 12 months include the need to meet regulatory compliance and improve risk management, drive key business metrics, and enhance the performance of IT infrastructure in support of business systems.

IDC believes that CIOs operating in the banking and financial services industry must ensure that the technologies in which they invest address multiple business metrics. Further, MEA financial institutions are under pressure to transform the way they operate, enhance both their internal and external communications, and improve the efficiency of governance processes and operations.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE COMPUTING NEWS

Botswana women missing from ICT

There has been a rallying call for women in Botswana to consider a lifetime participation in the Information and Communication Technology if the sector is to realise any meaningful growth as well as a fair gender representation.   Read More

Globecomm, Tanzania Support Foundation take computers to rural school

Globecomm announced today that it has donated desktop computers to a school in the Tanzanian village of Selela to aid the mission of the Tanzanian Support Foundation to help small communities become more self-sufficient in education, healthcare, hygiene and clean water.   Read More

The Network is dead. Long live the network!

Your network is vastly bigger than the Internet itself, says Infoblox.  Read More

Schneider Electric’s off-grid solar and backup power inverter/charger now in southern Africa

Schneider Electric Solar Business, a global leader in solutions for the solar power conversion chain, has released its off-grid solar and backup power inverter/charger, the Conext SW, in the southern African region.  Read More

Phase3 seeks digitally enhanced life for special needs kids

West Africa’s largest independent fibre optic infrastructure and telecommunications services provider, Phase3 Telecom, has urged stakeholders in the ICT industry to offer children living with disabilities a good quality of life through the deployment of assistive technology. Read More

Kenya, China partner to grow ICT skills

Global technology company Huawei, in partnership with Kenya’s Ministry of Information and Technology, has dispatched to China the first beneficiaries of the “Huawei Seeds for the Future” Internship programme. Read More

Big trends for 2015

Industry experts share their thoughts on the innovations that will impact business next year. Read More

ASUS appoints Andre Goosen as Country Service Manager

ASUS, the Taiwanese technology innovation brand, has appointed Andre Goosen to the position of Country Service Manager, a new role created in line with ASUS’ increased focus on after sales service. Read More

iWayAfrica managed service solution launched in Kenya

Pan African telecoms operator, Gondwana International Networks (GIN) has announced that its iWayAfrica business has launched a managed infrastructure and services solution in Kenya.  Read More

Kenya Ports Authority first to deploy Pamoja’s RUBiQ cloud platform

The Kenya Ports Authority is the first institution in East Africa to adopt the RUBiQ Cloud-based governance, risk and compliance platform.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

PWC: Optimism abounds but a bumpy journey ahead for somePWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.