Nearly half of banks in Singapore cited legacy tech as a major hurdle to the digital transformation of their businesses, according to a recent study, impacting both internal operations as well as client experience.
40 percent of bank leaders in Singapore cited legacy technology as a hindrance to the digital transformation of their businesses, according to Publicis Sapient’s Global Banking Benchmark Study 2022.
A top transformation priority is improving customer experience, as agreed by 24 percent of bank leaders in Singapore, and this is one area that could be obstructed not so much by the specific system in use but the number of systems. According to the study, 33 percent of bank leaders in the city-state are seeking to combine customer data across different systems to better understanding and engagement.
Operational Agility
But even amongst those that have the will, speed remains subpar with 33 percent of Singapore bank leaders highlighting the lack of operational agility as another top priority for digital transformation. Areas of focus cited to improve agility include greater customer-centric approach to innovation, greater investments in cloud infrastructure and cloud-based technology, and greater tech and customer experience expertise at the board level.
«[Investments in more intelligent tech] is needed to thrive in a more customer-centric world, alongside developing modern cloud-based banking systems to increase their accessibility to deliver transformative products and services at speed to customers over the next three years,» said Emma Scales, Publicis Sapient’s Southeast Asia managing director.
The study is based on a survey conducted in March and April 2022 with over 1,000 senior leaders of retail and commercial banks with at least $1 billion in global assets. Respondents were based in 13 markets including the US, UK, Hong Kong, Singapore, Australia, France and Germany.
