DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/mns9h6/banking_it_market) has announced the addition of the "Banking IT Market in China 2014-2018" report to their offering.
The Banking IT market in China to grow at a CAGR of 11.39% over the period 2013-2018
IT has significantly improved the productivity of the Banking sector in the fields of customer relationship management, enterprise resource planning, and employee productivity. The Banking sector in China is highly dependent on IT that helps access, store, transmit, and manipulate information with a high degree of accuracy and least redundancy. As a result, banks in China are aggressively adopting IT to optimize their business processes and enhancing the performance.
One of the major trends in the market is increased adoption of big data analytics in the Banking sector. This software is helpful in acquiring market insight and managing big transaction details to enhance the customer experience.
According to the report, one of the key drivers in the growth of the market is increased accessibility of mobile and online banking. Increasing numbers of internet and smartphone users boost the demand for easy-to-use banking and online payment services in China. With the increase in security measures, exceptional user interface, customer support, reasonable service charges, and consumer awareness, consumers are increasingly accessing banking applications through third generation mobile phones that are leveraged by banks to increase revenues, reduce operational costs, and attract new customers
Further, the report states that the relatively low penetration rate of cloud computing in the Banking sector is one of the key challenges in the Banking IT market in China. Concern over data security is the primary reason some prominent and medium-sized banks have been hesitant to use external cloud services.
The market can be segmented into three:
- IT services
- Digital China Holdings
For more information visit http://www.researchandmarkets.com/research/mns9h6/banking_it_market