Globally, Over 80% of Banks Are Yet to Achieve Full Migration To The Cloud: Infosys Finacle and Qorus Report
Close to 90% of banks across the world still believe that their digital transformation journeys have not succeeded as per expectations, according to the report.
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Qorus, formerly known as Efma (European Financial Management & Marketing Association), a global non-profit organization by banks and insurance companies, launched the 14th edition of the annual ‘Innovation in Retail Banking’ report. The report is authored by Jim Marous, the publisher of the Digital Banking Report and co-publisher of The Financial Brand. The study, based on a survey of over 650 senior executives from global financial institutions, identifies benchmarks and innovation trends in banking, including innovation investments, competitive landscape, progress with digital transformation, and success with modern technologies.
The study found that 65% of respondents believe that they have made significant strides in banking innovation since the onset of the pandemic. Looking ahead, 92% of banks said they will increase their investments in digital delivery. On the subject of cloud, the study found that over 80% of banks are yet to achieve full migration to the cloud, with just about 20% of banks confirming migration of their digital channel suite and core banking, pointing to the huge cloud maturity gap among banks globally. On the success of digital transformation, only 11% of the respondents were confident that their bank's digital transformation journey has succeeded and is delivering as per their expectations, underlining the massive opportunity in this space. Read the full report here.
Other highlights of the report include:
- Less than 14% of respondents believe they are successful with digital engagement across the customer lifecycle.
- When asked about the evolution of the primary business model by 2030, one out of three universal banks said that they would embrace a specialized business model.
- While 96% of respondents believed open APIs are important for their business, only 23% claimed that their organization has successfully adopted this technology.
- With respect to innovation strategies, over 70% of banks claim success in sourcing innovation ideas from within the company; 76% of the banks also claim success with the partner and fintech community.
- Less than 15% of bankers rated their innovation maturity in digital delivery, small business services, and lending services, as being pioneers in the industry.
Infosys Finacle works with a large partner ecosystem to drive digital banking transformation and innovations across the globe. The collaborations span a wide range of areas, including delivery, FinTech innovations, cloud-based deployments, implementation, consulting, and technology services.
