DUBLIN, April 4, 2014 /PRNewswire/ --
Research and Markets ( http://www.researchandmarkets.com/research/vxz5vs/banking_it) has announced the addition of the "Banking IT Spending Market in the APAC Region" report to their offering. (Logo: http://photos.prnewswire.com/prnh/20130307/600769 ) The analysts forecast the Banking IT Spending market in the APAC region to grow at a CAGR of 5.91 percent over the period 2012-2016. One of the key factors contributing to this market growth is the high demand for customer-centric core banking activities. The Banking IT Spending market in the APAC region has also been witnessing an increasing adoption of smartphones. However, the threat to local vendors from foreign players could pose a challenge to the growth of this market. The report, the Banking IT Spending Market in the APAC Region 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Banking IT Spending market in the APAC region and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market. The increasing adoption of smartphones in the region has led many Japanese and Korean banks to shift their focus to mobile contactless payments. Because of a large number of cell phone users in countries such as China and India, mobile banking has become the second biggest segment after online banking in the Banking IT Spending market in the APAC region. By providing banking solutions through smartphones, banks can enhance customer interaction and improve brand loyalty. Moreover, many regional IT vendors are offering innovative solutions for this segment. Therefore, smartphone banking is an emerging trend that is expected to contribute to the growth of the Banking IT spending market in the APAC region. According to the report, one of the major drivers is the high demand for customer-centric core banking. The increase in product innovations, especially as a result of mergers and acquisitions among banks has led to a rapid increase in the number of customers availing banking services in the APAC region. This gives rise to a need for taking continuous measures to earn customer loyalty and reduce customer response time. Hence, banks in the emerging countries have increased their IT spending to improve their services and ensure customer satisfaction. Further, the report states that one of the major challenges is the threat to local vendors from foreign players. Since international banking firms are expanding their businesses in order to grab the opportunity in emerging markets, they are imposing serious threat to local vendors. The local vendors of the APAC region have to compete with them in order to sustain their businesses.
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2. List of Abbreviations