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Higher profits for Asia Pacific banks in 2013

Seventy-six percent of the main financial institutions in the Asia Pacific region expect revenues to grow by up to 10 percent in 2013.

Regional lenders are adopting a proactive approach to tap new growth opportunities in Asia, according to a survey conducted by IDC Financial Insights.

The findings of this report are based on a survey of 163 senior decision makers.

The survey was conducted on 28 February 2013, the first day of IDC Financial Insights' Ninth Asian Financial Services (AFS) Congress, held at the Marina Bay Sands in Singapore.

"This year, Asia's banks are clearly taking the offensive - risk management no longer tops the IT spending priority, instead it is making way for new projects relating to optimisation and technological streamlining," said Ho Sui-Jon, research analyst at IDC Financial Insights Asia/Pacific.

Bright business prospects

Financial institutions in the AP region are very optimistic about the economy as 15 percent of the respondents expect growth to surpass 10 percent this year.

Innovations within the financial sector will be driven by maturing and converging regulations in Asia.

Hopes are also high for China-led growth prospects, and the enablement of self-service banking.

"It would seem today's increasingly self-sufficient Asia will finally separate itself from the embattled western economies and carve out a space for itself in global financial leadership," added Sui-Jon.

Respondents also identified the top areas that need attention for their growth strategy for 2013. Businesses in this sector should focus on security and fraud management; governance and compliance; customer insights; and credit risk management.

IDC Financial Insights notes that financial institutions are ready for aggressive expansion into the retail, small and medium enterprises (SME) and high-net-worth individual (HNWI) segments in the AP region.

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