Thursday, May 13, 2021
News
NEWS HOME
»
PRN INDIA
Asia Pacific banks are ready to take advantage of truly digital cores - delivering competitive advantages beyond cost
  SocialTwist Tell-a-Friend  
   

  • New research from IDC and Thought Machine reveals Asia Pacific markets most ready for core banking transformation – outlined in new Digital Core Banking Opportunity Index
  • Truly digital cores will deliver numerous benefits for the region's banks, including agility, migration and cost

SINGAPORE and LONDON, March 24, 2021 /PRNewswire/ -- Thought Machine, the cloud native technology company with its APAC headquarters in Singapore, and International Data Corporation (IDC), have released their second piece of joint research entitled Truly Digital Core Banking: You Are More Ready Than You Think.  

In this new piece of research, IDC outlines Asia Pacific's readiness for banking transformation and a clear path for banks in the region to adopt modern core technology and deliver truly digital banking experiences.

IDC's new proprietary index, the Digital Core Banking Opportunity Index, maps regional markets according to two dimensions: opportunity-to-benefit and execution readiness. Within the opportunity-to-benefit dimension, markets have been measured on customer readiness for digital banking and market infrastructure. In the execution readiness dimension, markets have been measured on their propensity towards changing legacy systems and the maturity of their market infrastructure.

The markets measured in the index are: Australia, Indonesia, Hong Kong, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam. Findings from the index show that:

  • Singapore and Australia hold the largest opportunity for digital core banking, with the remaining markets ready for digital transformation.
  • Some of the oldest core systems are in the Philippines and Malaysia, whereas Vietnam has relatively newer core systems.
  • The majority of Asia Pacific markets measured are contained within the 'Market Acceleration' segment: primed to take full advantage of digital core offerings
  • Indonesia and Thailand have a strong propensity to change their core bank systems, while Malaysia and Philippines have been slow to migrate to a digital core.

The paper also details the reinforcing nature of digital core banking technology – how modern software architecture increases bank delivery capability, and the ability to continuously innovate. This, in effect, accelerates a bank's overall readiness to execute on full digital transformation.

In the latter half of the paper, IDC has detailed the exact requirements for a modern digital core – outlining 25 distinct attributes the system should possess, including on-demand analytics, intelligent configuration, flexible licensing, cost reduction and more.

Michael Araneta, Head of Advisory and Research, IDC Financial Insights, said: "IDC has examined the new wave of investments into digital core banking systems in the Asia Pacific region and can now reveal that banks are primed to benefit from the capabilities of a new generation of core banking systems. They can finally be more efficient, more customer-centric, and more agile. No market in the region, and no bank for that matter, should wait for the 'right time down the road'. The time is now."

Nick Wilde, Managing Director APac, Thought Machine, said: "Asia's markets are now able to take advantage of the efficiencies of cloud-native architecture, an API-driven framework and low-code enhancement capabilities that are inherent in truly digital core systems. The intersection point has arrived – Asia's markets are ready to execute, and capture material benefits by migrating to a truly digital core."

The paper explores Thought Machine's core banking engine, Vault, in the context of these attributes. An assessment of low-code and no-code development paradigms reveals that Vault's low-code approach unlocks multiple benefits for banks wishing to be agile in fast-changing environments. Vault's API-driven, real-time approach, has also been highlighted for its ability to streamline integration with other systems, connect with Open Banking programs, and allows banks to take advantage of new digital channels.

The paper closes with an assessment of the migration approaches available for legacy banks when adopting modern digital core banking systems. Vault is highlighted for its ability to cater to multiple types of migration: reducing the complexity, risk and cost involved in the process.

About Thought Machine

Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.

Founded by entrepreneur Paul Taylor, Thought Machine's customers include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese, TransferGo and Curve. We are currently a team of more than 450 people spread across offices in London, Singapore, Sydney, Melbourne, New York and have raised more than Ł110m in funding from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed.

For more information visit thoughtmachine.net

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.

More News by PR Newswire India

Damm and Ball launch world's first Aluminium Stewardship Initiative certified beverage cans

LimaCorporate And HSS Partner To Open First Provider-based Design And 3D Printing Center For Complex Joint Reconstruction Surgery

WhiteHat Jr.'s search for Tech Leaders steered by Purple Quarter

Ampersand Group successfully concludes digital intervention, development across Nashik Anganwadis

Siply Launches Affordable Gold Savings Scheme with High Returns for the Masses

Glenmark Pharmaceuticals receives ANDA approval for Chlorpromazine Hydrochloride Tablets USP, 10 mg, 25 mg, 50 mg, 100 mg, and 200 mg: Granted competitive generic therapy (CGT) designation and is eligible for 180 days of CGT exclusivity

Aavishkaar Group dedicates its Group Impact Report 2020 to 55 Million women leaders in its ecosystem

Feedback plc: International expansion with appointment of two industry specialists in India

LexisNexis Risk Solutions Study Reveals Financial Crime Compliance Costs Across Asia-Pacific Region Increased 20.6% Year Over Year

Eight Manga Artists' Works Exhibited at Kansai Airport Starting March 20

Asia Pacific banks are ready to take advantage of truly digital cores - delivering competitive advantages beyond cost

Citizenship by Investment Funded Real Estate Developments Will Bolster Dominica's Tourism Offering

Adults with obesity treated with semaglutide 2.4 mg achieved and maintained a significant amount of weight loss in a 68-week trial

Cleaner, Clearer Pool and Spa Water

Gastops celebrates 3,500th engine sensor delivery for F-35 Lightning II

Amazfit T-Rex Pro: A Tough Military-grade Smartwatch with Endurance to Match Your Own and up to 18 Days' Battery Life[1]

Rugged Military-Grade Smartwatch is the Ultimate Partner for Challenging Military-Grade Obstacle Course, Amazfit Partners with Spartan

Meitra Hospital Redefines its Brand Identity

Second Star-studded Hank's Home Game Sees Jokes, Jibes and Showdowns in the Name of Charity at PokerStars.net

Goa Introduces Olectra Electric Buses in its fleet

Haier's Healthy Air Conditioners Rank Number One in Three Prestigious Euromonitor International Categories

AeC Lauded by Frost & Sullivan for Employing a Mix of Technology and Human Expertise to further strengthen its position in the Brazilian Customer Experience Outsourcing Market

Pharmactive Earns Acclaim from Frost & Sullivan for Helping People Improve their Cognitive Functions with its Saffron-based Ingredient, Affron®

HPE Lauded by Frost & Sullivan for Lowering the Risk of 5G Deployments

Uptake Recognized by Frost & Sullivan for Its Predictive Modeling Solutions for Medium-to-heavy-duty Vehicles

Brands are Redefining the Customer Experience by Adopting a Digital-first Approach

IIIT Hyderabad Announces M.Tech Program in Product Design and Management

U.S. Polo Assn. to Sponsor the Annual Lexus International Gay Polo Tournament Celebrating the Gay Polo League

Eagle Eye and Neptune Retail Solutions Enable a Better Digital Coupon Experience for Southeastern Grocers' Shoppers

Sinopec Signs Long-term Liquefied Natural Gas Deal of 2 Million Tons per Annum with Qatar Petroleum

Byogy Commissions Sustainable Low Carbon Jet Fuel Plant in Japan Advancing 'Alcohol to Jet' to Zero Carbon

Xinhua Silk Road: Changsha Economic and Technological Development Zone in C. China's Hunan unveils multiple measures to attract talents worldwide

AWE 2021: Haier Smart Home Brings Revolutionary Living Experience Empowered by its Smart Home Solution

New Research Reveals Top Investment Migration Program Options for HNWIs Seeking Health Security

V-Marc India Limited Initial Public Offering of Equity Shares opening on Thursday, March 25, 2021

Digital-First Tylko Raises €22 Million in Series C as Part of Its Commitment to Set New Standards in the Furniture Industry

Life Cycle Analysis of Corbion's AlgaPrime™ DHA Validates Lower Carbon Footprint Compared to Traditional Sources of Fish Oil

Logiq Partners with Comviva to Offer Digital Wallet and Payment Services to Millions of Mobile Users Across Indonesia

Diluent or Immuno-Reagent solutions for your diagnostic testing kits (Covid, Flu, etc.)

oneZero releases Algorithmic Pricing Module to give institutional clients even greater control

World Class Cocktail Festival: 2021 Homecoming

On World Water Day 2021, Sensus unveils exclusive whitepaper - 'Smart Cities need Smart Water'

Hexaware Technologies is Great Place to Work - certified

Ghodawat Consumer Earns a Prestigious Award; Bags 'India's Most Admirable Brand' Recognition

Glenmark Pharmaceuticals receives ANDA approval for Diltiazem Hydrochloride Extended-Release Capsules USP, 60 mg, 90 mg, and 120 mg: Granted competitive generic therapy (CGT) designation and is eligible for 180 days of CGT exclusivity

UST Provides Online Retail Platform Solution for UNIQLO India to Launch 'Shop From Home' Service

IAS Launches First Industry-Wide Digital Ad Verification Training Program

Bruce Lee's lost passion project 'The Silent Flute' to be produced by entrepreneur Jason Kothari

WZCC announces an exciting webinar with Mr. Piruz Khambatta, Chairman of Rasna, Hon. Consul General South Korea, Director GNFC, Chairman Rasna Foundation and Founder Trustee Areez Khambatta Benevolent Trust

HarperCollins is delighted to announce: Everything the Light Touches by Janice Pariat, publishing from Fourth Estate in October 2022

Crypto Liquidity Platform Black Ocean Opens Customer Whitelist

PathogenDx Applauded by Frost & Sullivan for Its Ultra-rapid COVID-19 Testing Platform, DetectX-Rv Test

Global Semiconductor Materials Market Sets New High of $55.3 Billion With 5% Expansion in 2020, SEMI Reports

Catalyst Welcomes Accenture CEO Julie Sweet As New Board Chair

Frost & Sullivan Opens Nominations for Itron Excellence in Resourcefulness Awards

Squirrels Boosts AirPlay, Miracast and Google Cast With All-New Reflector 4

Stockholm International Water Institute: Freshwater Thought Leader Sandra Postel awarded 2021 Stockholm Water Prize

Astral Foundation helps Hiwali get its first water pipeline after independence

Sirtex Medical announces new SIR-Spheres® DOORwaY-90 Study: The first prospective multicenter U.S.-based trial for registration as first-line treatment for hepatocellular carcinoma

Frost & Sullivan Experts Analyze Regional Tactics for Water and Sanitation for All by 2030

NEC Earns Acclaim from Frost & Sullivan for Adopting a Vector-based Approach to High-performance Computing with its SX-Aurora TSUBASA

Voyager Labs Partners with Microsoft to Provide AI SaaS Investigation Platforms to Empower Public Safety

Global Energy Prize 2021 - record number of participating countries

RedHill Biopharma Announces Compassionate Use Treatment with Opaganib of first COVID-19 Patients in Switzerland

Summer Gold Coin Offer begins on KhelPlay Rummy

Planet Water Foundation Brings Life-Changing Access to Clean Drinking Water to Communities Across 5 Countries as Part of World Water Day Activation

RDIF and Virchow Biotech partner for production of Sputnik V vaccine in India

Sonata Software to tap the Customer Experience (CX) Market to fuel growth

Mana Projects Celebrating 21 Years of Real Estate Excellence

Avaya Acclaimed by Frost & Sullivan for Seizing Growth Opportunities with its Robust Portfolio of Intelligent Contact Center Solutions

Glenmark and Bausch Health join together to commercialize RYALTRIS ™ nasal spray in Canada

AVEVA and OSIsoft Combine to Unlock the Potential of Data to Drive Increased Performance for Industrial Organizations

Xinhua Silk Road: Nanjing Jiangbei New Area invites global partners to jointly promote dev. of life and health industry

Zalando Launches Spring Campaign to Laud Society's Champions & Celebrate Their Values

Hexaware Technologies Announces a Work Integrated Learning Program for Freshers

Empuls by Xoxoday integrates with Slack

India's Top Student Volunteers Felicitated At The 11th Annual Pramerica Spirit of Community Awards

Rajshri Entertainment to Make Its Wellness Content Available on Gaana as Podcasts

Plintron powers a unique educational initiative by SmartCentric

IBM Launches Fourth Annual Call for Code Global Challenge to Tackle Existential Threat of Climate Change

Product Analytics is the Number One Measurement of Digital Success, New Report By Harvard Business Review Analytic Services Sponsored by Amplitude Shows

SVKM's NMIMS Invites Applications for Post-Graduate Pharmacy Programs

PrettyLittleThing Turns Burj Khalifa Pink

Doctors Hospital Takes Action to Preserve Fair Competition After the Cayman Government Grants a Series of Financial Concessions

Maybelline New York Announces Storm Reid As Global Spokesmodel

The Craft Irish Whiskey Co. Sets the Record for the World's Most Expensive Whiskey Collection in Partnership With Fabergé

ZS PRIZE, a healthcare innovation programme, selects top 8 teams for jury evaluation and final winner announcement in April 2021

SUN Mobility and Zyngo partner to offer seamless last-mile delivery

India Nightlife Convention & Awards (INCA) concludes its 5th Edition in Goa

OKExChain welcomes Cosmostation validator node operator among six other partners to its rapidly expanding ecosystem

Voltas introduces the new 2021 range of Voltas Fresh Air Coolers; launches 'Ab Garmi Ke Mazey Lo, Bina Garmi Ke' campaign

Aster MIMS Calicut Offers Free Liver Transplant Surgeries to Children

'The Apprentice: ONE Championship Edition' to Premiere in India tomorrow, March 20th on Republic TV

APML issues pre-alert and guidelines to save innocent citizens from fake websites and fraudsters in packing and moving segment

GC to Increase Vinythai Shares through Delisting Tender Offer, Strengthening Downstream Chemicals Business, and Expanding Its Business in CLMV Market

Flexible workspaces to lease 3 million square feet of space in 2021: Colliers

RateGain Ranks in Deloitte Technology Fast50 For The Fifth Time

First Advantage launches Vendor Screening Solution

NMIMS Hyderabad Invites Applications for Common Entrance Tests - NMIMS- NPAT, NMIMS-CET and NMIMS-LAT - for Commerce, Pharmacy, & Law Programs

IAS Extends its Leadership in Brand Safety and Ad Fraud Protection with TAG Recertification

CITIC Networks Becomes Big Data Exchange (BDx) Connectivity Partner in Nanjing Data Center

ApiJect Systems, Corp., Announces Appointment of Global Branding Leader, Craig Cohon as Chief Strategy Officer

Encore® Launches Hybrid+, Setting A Global Standard For Hybrid Meeting & Event Experiences

New Report Discusses IT/OT Convergence for Telcos

SDI Adds Acteev Protect™ Masks to Portfolio of PPE As-a-Service(SM)

The 129th Canton Fair Prepares for a Virtual Return from April 15-24, 2021

Hitachi launches new range of Room Air Conditioners for the new-age consumers: 'One for everyone'

Five Business Strategies to Ensure Environment Safety and Leverage eWaste Management

Huawei Recognized as a 2021 Gartner Peer Insights Customers' Choice for WAN Edge Infrastructure

"Charm of Jiangsu" celebrated the 2021 Chinese New Year with overseas fans online

GameAnalytics Joins Huawei Ecosystem as the Latest Platform Partner

Frost & Sullivan's India Manufacturing Excellence Awards 2021 to Honor Future-Ready Factories

Adani Green Energy raises USD 1.35 billion in one of Asia's largest project financing deals

Reliance Securities named as India's 10 most promising share trading platforms of 2020

QuerySurge is Now Available in the Microsoft Azure Marketplace

XCMG Celebrates International Day of Happiness, Champions Employee Wellbeing with its Upgraded Total Health Program

ZestMoney Ranked Second Fastest Growing Technology Company in Deloitte Technology Fast 50 India 2020

Firescore Interactive to launch the hyper-casual gaming hub 'CrazyHubs India' in partnership with CrazyLabs

Technical clothing requirements for armed forces likely to be included in negative import list; keen to procure indigenised techno textiles: General Bipin Rawat

Frost & Sullivan Identifies the Top 5 Growth Opportunities in the Next-Generation Connected Car Industry

Trimble Announces Release of Tekla 2021 Structural BIM Software Solutions

Nespresso invests CHF 117 million in the expansion of its Avenches production center to meet growing consumer demand

FDI - Dental disaster: One year after first lockdowns dentists around the world confront the consequences of the COVID-19 pandemic on people's oral health: higher incidence of tooth decay and more advanced gum disease

Aeijaz Sodawala, CEO eZee Technosys gives an industry insider view-point on the Google Free Booking Link Program

Skootr Launches Skootr FinSave, A New Company To Meet Growing Demand For Financial Services In The Office Segment

LYRA last-mile connectivity solution for rural India

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
K'taka fishermen told to return as cyclo...
Uttarakhand: No deaths reported in Kainc...
Serum Institute CEO promised to deliver ...
J-K: Army chief reviews security situati...
COVID-19: 1st Oxygen Express for Tamil N...
Serum Institute CEO promises to deliver ...
More...    
 
 Top Stories
Lavrov, Blinken discuss upcoming Ru... 
Time for businesses in Myanmar to t... 
upGrad launches Study Abroad Progra... 
India reports 3,62,727 new COVID-19... 
Kerala's Kottayam receives heavy ra... 
Karnataka govt allows MNREGA works ... 
PrayForEveryone: Prayer by Cycle Pu... 
COVID-19: More ventilators, oxygen ...