Asian banks must consider open IT standards

by Hans Tesselaar, Executive Director at BIAN

In Europe, the open standards movement is gaining momentum. It is increasingly accepted that standards collaboration increases organisational interoperability, ensuring that different systems can communicate effectively, while dramatically reducing IT spend on costly integration.

In the Asian-Pacific region, however, we have yet to see this movement towards open standards. Arguably, this must change.

According to an independent report by IDC Financial Insights, ‘The New Core Banking Systems Marketplace in Asia/Pacific — It Gets More Interesting from Here’, the next three years will see one in four of the largest APAC banks embark on a major core modernisation project. Michael Araneta, associate consulting and research director for IDC Asia/Pacific, said of the findings: “We expect at least 32 of the top 120 Asia/Pacific ex-Japan banks to undertake significant changes to their current core banking systems from now to 2015.”

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