MEA finance sector seeks operational efficiencies
COMPUTING| July 22, 2012, 11:50 a.m.
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.
MORE COMPUTING NEWS
Myth-busting the cloud for SMEsThere are still a few myths that prevail about the risks and benefits of cloud computing, says Ivan Epstein, co-founder of Softline and CEO of Sage AAMEA. Read More
Sage CRM is Umsinsi Health Care’s engine for growthUmsinsi Health Care, a distributor of medical products, has enhanced customer service and streamlined its business processes by implementing Sage CRM as its customer relationship management platform. Read More
Africa risks ‘new digital divide’According to the WEF Global Information Technology Report 2014, a more solid ICT infrastructure and improving the framework conditions for innovation and entrepreneurship will be crucial to avoid the emergence of a new digital divide in Africa. Read More
VMware delivers new innovations for the open, agile, secure software-defined data centreIndustry’s most complete software-defined data centre portfolio helps customers slash CAPEX by nearly 50 percent and improve IT productivity by 100 percent or more. Read More
Gartner: CIOs must embrace digital ethicsThe need for CIOs to consider digital ethics has become paramount as the pace of technology change accelerates, says Gartner. Read More
The blueprint for BYOD successJust like mobile analytics, big data, the internet, and social networks changed the way companies do business, so the adoption of mobile devices has become a catalyst for change in corporations and SMEs, says SAP Africa. Read More
Orange, GESCI to train teachers on ICTs in educationOrange has partnered with the Global E-Schools and Communities Initiative (GESCI) to support e-learning and integration of ICT in education. Read More
Cisco: the ICT behind the Commonwealth Games240km of fibre underpins the most connected Games ever to a wealth of bandwidth, says Cisco. Read More
Ghana to benefit from Solar Powered Internet School projectGhana is soon to benefit from Samsung's Solar Powered Internet School project, which is taking ICTs to schools across Africa. Read More
Schneider Electric introduces Smart-UPS fifth generation range to Southern AfricaSchneider Electric has announced that two next-generation models of its Smart-UPS uninterruptible power supply (UPS) units are now available locally. Read More
FEATURED STORYNigeria’s VAS providers ‘on brink of extinction’
WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.
COMPANY NEWSSage CRM is Umsinsi Health Care’s engine for growth
Umsinsi Health Care, a distributor of medical products, has enhanced customer service and streamlined its business processes by implementing Sage CRM as its customer relationship management platform.VMware delivers new innovations for the open, agile, secure software-defined data centre
Industry’s most complete software-defined data centre portfolio helps customers slash CAPEX by nearly 50 percent and improve IT productivity by 100 percent or more.Alex families receive Schneider Electric solar lamps
Schneider Electric, a specialist in energy management, has partnered with Rays of Hope, a non-profit organisation, providing 28 schoolchildren and their families in the northern Johannesburg township of ...