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

RELEASE DATE
07-Aug-2017
REGION
Africa
Deliverable Type
Market Research
Research Code: 9AC2-00-29-00-00
SKU: IT03435-AF-MR_20567
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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

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, i
More Information
Deliverable Type Market Research
No Index No
Podcast No
Author Naila Govan-Vassen
Industries Information Technology
WIP Number 9AC2-00-29-00-00
Is Prebook No