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 BrandPost Leadership superpower: Succeeding sustainably As today's great leaders recognize, true success is not solely measured by the bottom line but also by the impact a business has on its stakeholders, including employees, partners, and the environment. By Marie Kalliney, Practice Leader, Digital Transformation Services, Broadcom Mar 28, 2023 5 mins IT Leadership BrandPost Helping the C-suite leverage their network as a business-boosting asset By Tanya O'Hara Mar 28, 2023 3 mins IT Leadership Opinion 5 hard questions every IT leader must answer Strong leadership is vital to IT success — and shouldn’t be taken for granted. Continual self-reflection is essential for knowing whether it’s time to restructure your approach to leading IT. By Thornton May Mar 28, 2023 5 mins Business IT Alignment IT Leadership Feature CIOs address the impact of hybrid work Assessing how some of the most progressive CIOs strive to provide both technological and emotional support for a dispersed workforce. By Pat Brans Mar 28, 2023 8 mins CIO Remote Work Employee Experience 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