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July 14, 2024

70% of APAC banks see digital transformation failures, finds IDC report commissioned by Backbase

Backbase has launched an APAC-focused Infobrief titled “Accelerating Customer-Centric Transformation by Balancing Build and Buy – A Collaborative Approach Towards Sustainable Digital Banking Architecture.”

This report, developed by IDC and commissioned by Backbase, presents insights drawn from 125 banks and 316 CIOs in APAC, including the Philippine market.

It reveals that despite 65% of mid- to large-sized banks in APAC attempting to build their engagement banking platforms in-house to achieve digital transformation, 70% of these projects have faced failure due to their high costs and extended timelines.

The IDC Infobrief is the first of two consultative guides commissioned by Backbase.

These guides aim to offer practical guidance to banks, enabling them to evaluate a more effective platform strategy that can drive accelerated and differentiated digital customer engagement.