IT Brief Asia logo
Technology news for Asia's largest enterprises
Story image

Digitisation proving positive for finance companies

By Mitchell Hageman
Wed 19 Jan 2022

Finance companies who invested in digitisation during 2021 are already experiencing the positive effects, according to a new survey by Broadridge Financial Solutions.

Broadridge surveyed 750 financial institutions, with total assets or AUM of companies in the sample ranging from USD$1 billion to over $500 billion globally. They were asked a variety of questions about their implementation of digital transformation and technological uptake.

44% of firms in Asia-Pacific indicated that the pandemic has accelerated the pace of their technology implementation, and on average, companies in Asia earmark around 11% of their total annual IT budget for digital transformation. In two years the majority of these companies expect to increase their spending to 14%.

China had the highest surveyed response for acceleration, with 62% of firms reporting implementation having gotten faster.

There was also an increased interest in blockchain and cloud-based finance options as well. The survey showed that while 78% of firms have already made progress in their use of the cloud over the past year, the number of firms reaching mid or advanced levels of implementation increased to 80% in 2021. This statistic is expected to jump significantly to 91% over the next two years.

The use of blockchain is said to also significantly widen going forward, with more than two-thirds (69%) of firms planning to reach the later stages of this type of implementation in two years.

Digital ledgers were also a heavily mentioned concept in the survey, with the amount of digital ledger implementations increasing from 5% to 37%. 

Nearly all firms categorised as leaders in the maturity framework were found to be at a mid-to-advanced level of implementation; however, only 11% of beginners in the maturity framework were at mid-to-advanced levels of implementation. This suggests a further need to focus on helping beginners with easy and efficient solutions to suit their business needs.

While beginners are reporting lower numbers, the survey shows that two-thirds of firms have already begun setting up a centralised data platform with access to data across divisions, which allows them to serve customers more holistically and make better strategic decisions.

Broadridge chief executive officer Tim Gokey says that customers are thinking about new ways to scale up and therefore looking to new technologies.

“Digital leaders are succeeding with a clear vision and roadmap that prioritises digitised communications, experiences, and workflows leveraging strong data and analytics,” he says.

“This year’s survey confirms that leading firms are more driven than ever to implement the key pillars of a digital-first future. As a result, digital transformation leaders are seeing accelerated growth.”

Related stories
Top stories
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
DDoS
NT selects Radware to improve telecom cyber defenses
National Telecom Public Company (NT) has chosen Radware to strengthen the cyber defences of its international telecommunications infrastructure.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Sustainability
Legrand unveils Nexpand, a data center cabinet platform
Legrand has unveiled a new data center cabinet platform, Nexpand, to offer the necessary scalability and future-proof architecture for digital transformation.
Story image
Sustainability
Daikin and SP Group to build new energy efficient district cooling system
The project, set to be complete by 2025, will create a system with a cooling capacity of up to 36,000 refrigerant tonnes (RT). 
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Sift
Knowing the mechanics of retail fraud can greatly improve your chances of preventing an online attack. Read the new infographic by Sift to discover how your business can be prepared.
Link image
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Sift
Connected e-commerce apps are the future of retail and higher revenue growth. Read the new ebook by Sift to find out how to maximise your business potential.
Link image
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Digital Transformation
The impact of COVID-19 on healthcare environments and care delivery
The COVID-19 pandemic has revolutionised the healthcare industry while overcoming staff shortages, social distancing requirements, and lockdowns.
Story image
Apple
Apple previews new features for users with disabilities
Apple says new software features that offer users with disabilities new tools for navigation, health and communication, are set to come out later this year.
Story image
Syfe
Syfe enters Hong Kong with digital investment platform
Syfe has announced its entry into Hong Kong, marking the company's first market expansion since its launch in 2019.
Story image
Ransomware
Ransomware hits 65% of organisations in Singapore
Next-generation cybersecurity firm Sophos has released its annual survey and review of real-world ransomware experiences in the State of Ransomware 2022.
Story image
Wireless
Cradlepoint expands its Cellular Intelligence capabilities
Cradlepoint has announced additional Cellular Intelligence capabilities with its NetCloud service.
Story image
Digital Transformation
The Huawei APAC conference kicks off with digital transformation
More than 1500 people from across APAC have gathered for the Huawei APAC Digital Innovation Congress to explore the future of digital innovation.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Digital Transformation
How to modernise legacy apps without compromising security
At a time when digital transformation has become central to business, even the most important applications come with a ‘use-by’ date.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Sift
Navigating digital fraud and dispute can be tough. The Q4 2021 Digital Trust & Safety Index by Sift can give helpful insights to your business on keeping safe and prepared online.
Link image
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Artificial Intelligence
CFOs using digital workers and AI to prevent unnecessary loss
New technology is now allowing CFOs to use digital workers to automate their accounting processes, making it easier for them to avoid unnecessary losses.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Sustainability
G8, ODIN enter agreement to develop renewable charging tower
G8 has entered into a memorandum of understanding with ODIN to develop a charging tower powered entirely by renewable wind energy.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Sustainability
Power at the edge: the role of data centers in sustainability
The Singaporean moratorium on new data center projects was recently lifted, with one of the conditions being an increased focus on power efficiency and sustainability.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
CRM
Zendesk announces new conversational CRM solutions
“The last few years have made it obvious that digital is the front door, convenience is paramount and relationships are anchored in conversations."
Story image
Infrastructure
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Sustainability
Grasping the opportunity to rethink the metrics of a sustainable data centre
A data centre traditionally has two distinct operations teams: the Facility Operations team, and the IT Operations team. Collaboration between them is the key to defining, measuring, and delivering long-term efficiency and sustainability improvements.
Story image
Fintech
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Sift
Having secure retail solutions can be a make or break factor for a customers satisfaction. Sift has the expert tools and expertise to keep retail practices safe and customers happy.
Link image