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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.
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