Build Strategy for Banking Platforms Resulted in 70% of Failed Digital Transformation for Banks in APAC

IDC Infobrief, commissioned by Backbase, discusses adopt and build as the best practice to grow ROE for digital initiatives

Backbase, the global pioneer of Engagement Banking, announced the release of the APAC-focused Infobrief, "Accelerating Customer-Centric Transformation by Balancing Build and Buy - A Collaborative Approach Towards Sustainable Digital Banking Architecture." Developed by global market intelligence firm IDC, and commissioned by Backbase,  the in-depth report draws insights from 125 banks and 316 CIOs in APAC, including the Philippine market, and offers a regional perspective on digital transformation. The Infobrief challenges the long-standing default approach of building in-house solutions for digital engagement banking platforms, and finds that 65% of mid- to large-sized banks in APAC have opted to build their engagement banking platforms in-house to achieve digital transformation; however, 70% of these projects have failed due to costly and lengthy in-house efforts.