ICT Enterprise Spend in Banking and Financial Services, South Africa, Forecast to 2019
ICT Enterprise Spend in Banking and Financial Services, South Africa, Forecast to 2019
Emerging Trends such as Branch of the Future, Omni-Channel Engagement, Mobile Banking, and Big Data Analytics to Shape the Banking and Financial Secto
07-Aug-2017
Africa
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Description
The focus of this insight is to understand the key areas of IT spend within the banking and financial services (BFS) sector in South Africa with the aim of highlighting chief areas of opportunities for the IT service providers. The objectives are to provide an overview of South Africa’s macro-environment and its impact on the BFS industry; offer insights into the BFS sector‘s value chain and the adoption of ICT services across participants; discuss the global and domestic challenges facing the BFS sector; highlight the BFS ICT spend in 2016 and offer future forecast insight; and identify Growth Opportunities within the BFS sector for IT and telecom service providers.
The market for service providers is highly competitive, especially because they offer similar IT solutions and services to enterprises. Differentiation through innovative pricing models and industry knowledge are key factors. For service providers to remain competitive and differentiate themselves, they must increase industry expertise, build dedicated and industry-focussed teams able to cross-sell, offer innovative branding and price strategies such as pay-per-use models, change their approach from selling services to providing full ICT solutions, that is, augment their business focus, and to develop contracts with flexible SLAs. In addition, enterprises are looking for more flexible contracts that will help accommodate change in their IT strategy as well as change in the overall technology landscape. In doing so, enterprises will have better control in terms of cost and the ability to implement innovate IT services as needed.
The top 4 predictions for the banking and financial services sector in South Africa are as follows:
• In 2016, ICT spend within the BFS sector was an estimated ZAR 15.1 billion and is expected to grow at a CAGR of 2.0% reaching ZAR 16.0
billion by 2019.
• The major growth areas in terms of ICT spending and shaping IT strategy in the BFS sector are cloud-based services, industry-specific
technologies, and system integration.
• In terms of industry-specific technology, service providers need to consider offering services around integrated payment platforms,
multi-channel platforms for customers, and secure data analytics tools.
• Apart from industry expertise, service providers must be aware of enterprise strategies. It is important to build dedicated industry-focussed
teams able to cross-sell; offer innovative branding and price strategies; and to develop contracts with flexible SLAs.
Table of Contents
Key Findings—ICT Spend in the Banking and Financial Services Sector
Strategic Imperatives for IT and Telecom Service Providers
Research Scope
Research Aim and Objectives
Market Definitions
Market Definitions (continued)
Market Definitions—ICT Services Adoption Maturity per Industry
Macroeconomic Environment
South Africa’s Banking and Financial Services Sector at a Glance
ICT Services Adoption Maturity per Industry
Overview of the Banking and Financial Services Value Chain
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
ICT Spend in Banking and Financial Services Sector 3-year Forecast
Competitive Landscape for Service Providers
Growth Opportunity 1—Cloud-based Services
Growth Opportunity 2—Industry-specific Technologies
Growth Opportunity 3—System Integration
BFS Sector—5 Major Growth Opportunities
Strategic Imperatives for IT and Telecom Service Providers
The Last Word—4 Big Predictions
Legal Disclaimer
The Frost & Sullivan Story
Value Proposition: Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy
Popular Topics
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Podcast | No |
Author | Naila Govan-Vassen |
Industries | Information Technology |
WIP Number | 9AC2-00-29-00-00 |
Is Prebook | No |