Almost two-third of CEOs will increase their technology spend as they plan to tap into Asian markets and grow their businesses, according to a new survey. The Financial Services Council surveyed 55 Australian CEOs in the financial services industry and found 62 per cent will increase their technology spend over the next two years to update systems and improve efficiencies in their operations, as well as to meet new regulatory demands. “Improved technologies and innovation will help the financial services industry to operate more efficiently and to meet complex regulatory changes encompassed by the Stronger Super and FoFA reforms,” said John Brogden, CEO of the Financial Services Council. “Australian financial services firms can gain efficiencies by exporting technology infrastructure into Asia and the global marketplace to help expand their footprint and leverage a single operating model across markets,” said Martin Spedding, executive director of DST Bluedoor. The majority (80 per cent) of respondents believe technology will help deliver on innovation, with a focus on back-end systems to support new product development such as mobile apps and customer interface systems. Fifty-five per cent of CEOs will focus on improving online banking services and 56 per cent will focus on developing and executing a mobile-based customer service strategy. Due to the high operational costs in Australia, the survey found half of CEOs have offshored some services, including IT, to Asia to support their expansion in the region. Basic IT support services and process-driven client record management are the main activities that CEOs have offshored. However, the majority still have their major strategic IT projects take place in Australia and are likely to continue to do so in the future. Follow Rebecca Merrett on Twitter: @Rebecca_Merrett Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content opinion Website spoofing: risks, threats, and mitigation strategies for CIOs In this article, we take a look at how CIOs can tackle website spoofing attacks and the best ways to prevent them. By Yash Mehta Dec 01, 2023 5 mins CIO Cyberattacks Security brandpost Sponsored by Catchpoint Systems Inc. Gain full visibility across the Internet Stack with IPM (Internet Performance Monitoring) Today’s IT systems have more points of failure than ever before. Internet Performance Monitoring provides visibility over external networks and services to mitigate outages. By Neal Weinberg Dec 01, 2023 3 mins IT Operations brandpost Sponsored by Zscaler How customers can save money during periods of economic uncertainty Now is the time to overcome the challenges of perimeter-based architectures and reduce costs with zero trust. By Zscaler Dec 01, 2023 4 mins Security feature LexisNexis rises to the generative AI challenge With generative AI, the legal information services giant faces its most formidable disruptor yet. That’s why CTO Jeff Reihl is embracing and enhancing the technology swiftly to keep in front of the competition. By Paula Rooney Dec 01, 2023 6 mins Generative AI Digital Transformation Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe