Financial industry trends and issues in Singapore

BANGALORE, India - March 24, 2023 - PRLog -- One of the key challenges faced by the industry is the increasing prevalence of digital disruptions, which has led to heightened competition from fintech companies and other non-bank establishments. Moreover, stricter regulatory requirements and pressures to maintain compliance are placing additional burdens on financial institutions, resulting in the need for constant innovation and adaptation.

With the rise of cyber threats on the digital front, ensuring customer information and financial data security remains a top priority for financial institutions in the country and it prompts the sector to heavily invest in advanced security measures, raising operational costs while attempting to secure their customers' trust and confidence in the digital age.

Over the next four years, the costs associated with cybercrime ($10.5 trillion annually by 2025) are estimated to exceed worldwide cybersecurity spending ($267.3 billion annually by 2026) by 40 times.

Today, the competition invites banks to innovate continuously. In order to innovate anywhere and everywhere, a hybrid cloud is instrumental. Yet, most banks are still early in their journey to a hybrid cloud. Banking organizations have "room to grow" as they progress from a "lift-and-shift" approach to migrating workloads for cloud optimization.