COVID-19: Banks Will Weather the Storm with Robust, Agile IT

C. Drake

Summary Bullets:

• Efforts to bolster online banking and fintech apps in response to the COVID-19 crisis can significantly advance the digitalization of banking.
• To help banks weather the COVID-19 storm, it is essential that they continue developing a supporting IT infrastructure that maximizes flexibility, agility, and efficiency.

Global banks currently face multiple challenges as a consequence of the COVID-19 crisis. However, it is vital that banks remain committed to ongoing digital transformation strategies. Many major banks have recently embarked on digital transformation journeys that involve the adoption of cloud-based IT architectures, fintech solutions, and the use of emerging technologies like artificial intelligence (AI) and blockchain. Although the COVID-19 crisis has created short-term disruptions to banks’ normal operations, banks should prioritize the continuation of key IT transformation projects with a focus on their long-term benefits, including cost savings, operational efficiencies, increased business agility, and the ability to leverage new tools and capabilities.

COVID-19: The Impact on ASEAN Enterprise ICT

A. Amir

Summary Bullets:

• Legacy ICT services make it more challenging for ASEAN enterprises to adapt to the changing business needs due to COVID-19.

• COVID-19 is driving digital transformation for most ASEAN enterprises and will open up a wider opportunity for carriers and service providers.

The impact of COVID-19 on ICT and vertical industries are widely covered on GlobalData COVID-19 Dashboard. With lockdowns (or shutdowns, state-of-emergency, or similar terms used per country) in nearly the whole world, the impacts on ICT spending are somewhat consistent globally. However, the impact in the Southeast Asia region (aka ASEAN) is different. Most enterprises are in a very early stage of their digital transformation journey. While newer services such as cloud, SD-WAN, and UCaaS have become the norm in other countries, a large majority of enterprises in this region still rely on the traditional ICT such as captive data center and traditional network services. The lack of agility and flexibility in these legacy services makes it more challenging for enterprises to adapt to changes due to COVID-19 such as remote workplace and digital customer channels. As a result, enterprises are shifting their current ICT priorities to focus on cloud migration, network re-dimensioning, UC deployment and/or expansion and digital services roll-out.