Bangalore and Paris — October 21, 2013: Infosys, a global leader in consulting, technology and outsourcing, today announced the launch of its Innovation in Retail Banking 2013 report. The fifth annual study, commissioned by Infosys and conducted by Efma, investigates how banks can overcome barriers to innovation and improve their innovation capabilities.
This year’s study, which surveyed 148 banks in 66 countries, revealed that as the global economy recovers, retail banks across the world are increasingly investing in innovation as a means of generating revenue and controlling costs. In fact, 60 percent of banks surveyed have an innovation strategy compared to just 37 percent five years ago, when the report was first issued.
The study also found that to overcome the main barriers to innovation – legacy systems and organizational silos – banks are looking towards technologies that can simplify their operations and deliver a richer customer experience. In particular, mobile innovation is beginning to gather pace, with 77 percent of banks deploying or planning to deploy a mobile wallet solution.
Haragopal M, Global Head of Finacle at Infosys:
“It is good to see innovation agenda taking the center stage at banks, with many focusing on increasing business process speed, agility and efficiency. The report also reiterates that retail banks across the world have recognized that simplification and innovation can go hand-in-hand to help grow business and deliver excellent customer service.”
Patrick Desmares, Secretary General at Efma:
“This year’s study indicates a global convergence of innovation practices around overcoming the barriers presented by legacy technology and ensuring that customer experience channels are optimized. Many retail banks are now creating innovation strategies and underpinning them with investment which tells us that global economies are beginning to recover. As banks once again target growth process, channel and operational innovation, this will only increase in importance.”
As a global not-for-profit organisation, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, online communities and international meetings. (www.efma.com)
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit www.infosys.com to see how Infosys (NYSE: INFY), with $7.4B in annual revenues and 160,000+ employees, is Building Tomorrow's Enterprise® today.
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