{"id":47168,"date":"2019-06-26T23:17:15","date_gmt":"2019-06-27T03:17:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/singapore-banks-technology-spend\/"},"modified":"2024-03-28T11:46:45","modified_gmt":"2024-03-28T15:46:45","slug":"singapore-banks-technology-spend","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/singapore-banks-technology-spend\/","title":{"rendered":"Singapore banks technology spend"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b19429ff96]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b19429ff96'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Singapore banks technology spend<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1942a58af'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">June 26, 2019<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b1942a6eb3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This was written by Bloomberg Intelligence analyst Diksha Gera. It first appeared on the Bloomberg Terminal.<\/em><\/p>\n<p>DBS is likely to lead Singapore banks in adopting technology at the core of their operations. We believe investments in technology are a leading indicator of banks&#8217; ability to retain or acquire market share amid increasing disruption caused by the large and small technology and e-commerce companies.<\/p>\n<p><strong>Singapore to lead southeast Asian banks&#8217; tech investment<\/strong><\/p>\n<p>Singapore banks are likely to lead Southeast Asia peers in new technology adoption, with the country&#8217;s three lenders spending $1.42 billion last year, about three times more than the four largest banks in Thailand. Indonesian banks are ramping up their tech spending too, with IDC expecting their expenditure to grow the fastest in Asia. Singapore&#8217;s supportive regulatory infrastructure and its status as a technology and businesses hub for ASEAN operations for several institutions is likely to bolster tech investments.<\/p>\n<p>What started as a business threat from fintechs is likely becoming a driving force for banks&#8217; efficiency, pushing them to invest in technology to automate processes, reduce turnaround time and costs.<\/p>\n<p style=\"text-align: center;\">2017 tech spend for large Southeast Asian banks<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"385\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3350220081.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg Intelligence graph\" title=\"3350220081\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3350220081.jpg 781w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3350220081.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3350220081.jpg 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Singapore banks brace for Alibaba, Google, Amazon threat<\/strong><\/p>\n<p>Singapore banks&#8217; collaboration with fintech startups to advance innovation and learn and develop capabilities should enable them to defend against tech giants such as Alibaba, Tencent, Google and Amazon that have been targeting Asia&#8217;s financial services industry. All three Singapore lenders have startup accelerators &#8211; DBS&#8217; Hotspot, The Open Vault by OCBC and UOB&#8217;s FinLab &#8211; that can provide inroads into new technologies and use-cases. Some are aimed at strengthening the banks&#8217; integration into their clients&#8217; ecosystem, potentially improving transaction frequency, risk management and customer experience.<\/p>\n<p>DBS spent 9% of its total 2017 revenue on operating and capital expenses related to technology, versus UOB&#8217;s 5.6% and OCBC&#8217;s 4.7%.<\/p>\n<p style=\"text-align: center;\">2017 Singapore banks technology spend<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"385\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/330647785.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg Intelligence graph\" title=\"330647785\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/330647785.jpg 781w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/330647785.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/330647785.jpg 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>DBS&#8217; differentiated technology strategy positions it to lead<\/strong><\/p>\n<p>DBS differentiates itself from peers by developing 85% of its technology in-house rather than by outsourcing, and by transitioning to predominantly cloud-based tech infrastructure. Its reorganization to operate as a technology company, which may be difficult for other banks to replicate, gives it the flexibility to experiment and implement changes faster. These include creating new products and integrating with customer systems. DBS&#8217; digitalization efforts aim to grow the proportion of online consumers, who are twice as profitable as traditional customers, according to management. It plans to spend S$1 billion on technology this year, after a cumulative S$4.3 billion over the past four years.<\/p>\n<p style=\"text-align: center;\">DBS technology spend (S$ billion)<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"385\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/329049948.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Bloomberg Intelligence graph\" title=\"329049948\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/329049948.jpg 781w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/329049948.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/329049948.jpg 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>UOB uses tech for customer acquisition, financial access<\/strong><\/p>\n<p>UOB increased its spending on upgrading global market, cash management, wealth management and digital transformation products to 72% of its IT investments last year, up from 64% in 2014. The lender plans to spend S$300-350 million on information technology in 2018 as it focuses on digitalization for growth. UOB, the first Singapore bank to obtain a license to operate in Vietnam, introduced its first-in-market digital solutions for businesses there. In-principle approval for loans can be obtained in just one business day without visiting a branch.<\/p>\n<p>UOB will spend S$12 million over the next two years on its joint venture Avatec, which provides credit assessment solution to the bank&#8217;s underserved customers in Southeast Asia.<\/p>\n<p style=\"text-align: center;\">UOB bank technology investment<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367061_BPS_English_GeneralSupport2019_BlogGraphics_UOBTechnologyInvestment_190620.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"367061_BPS_English_GeneralSupport2019_BlogGraphics_UOBTechnologyInvestment_190620\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367061_BPS_English_GeneralSupport2019_BlogGraphics_UOBTechnologyInvestment_190620.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367061_BPS_English_GeneralSupport2019_BlogGraphics_UOBTechnologyInvestment_190620.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367061_BPS_English_GeneralSupport2019_BlogGraphics_UOBTechnologyInvestment_190620.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b1942b1fb6]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3019643357177441619\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg Intelligence believes investments in technology are a leading indicator of banks&#8217; ability to retain or acquire market share amid increasing disruption caused by the large and small technology and e-commerce companies.<\/p>\n","protected":false},"author":1663,"featured_media":30694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[435,444],"tags":[],"series":[],"class_list":["post-47168","post","type-post","status-publish","format-standard","hentry","category-data","category-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore banks technology spend | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Bloomberg Intelligence believes investments in technology are a leading indicator of banks&#039; ability to retain or acquire market share amid increasing disruption caused by the large and small technology and e-commerce companies.\" 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