Is your bank ready to rethink innovation?

Banks have long recognized the need for radical transformation. However, the recognition has not translated into proportionate action. Or readiness, as this year’s research findings indicate. Few banks have managed to deploy digital at scale. And few consider themselves sufficiently ready to take advantage of digital technologies for desired business outcomes. Some wrestle with challenges of legacy systems, others struggle to transform culture, talent, and workforce.

Holistic and continuous innovation is the only path to differentiation.

This year’s Innovation in Retail Banking report underscores the importance of the right culture and the right leadership in addition to the right technology.

Efma Report

Get your copy of the 2019 innovation in retail banking report.

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Efma Webinar

What are banks losing sleep over? How are they meeting their innovation objectives with digital transformation? Join the webinar for the key research findings. Also learn from the innovation stories of leading financial services providers.

Efma Podcast

Listen to the Innovation in Retail Banking podcast.

INNOVATION LEADERS ARE
ALSO MORE SUCCESSFUL
IN THEIR DIGITAL
TRANSFORMATION EFFORTS

Our findings suggest that most banks have not deployed digital transformation at scale. However, organizations where innovation is a priority are further ahead of their peers in the desire to become a ‘digital bank’. These leader organizations have top management support, are more committed to investing in customer experience and advanced analytics, and are more likely to measure results of their efforts. Not surprisingly, these firms have more positive financial results than firms where digital transformation is only partially deployed.

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Some of the most progressive banks are innovating with Finacle to empower their customers. Know how these innovation leaders are unlocking new value.

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Progress of Deployment of Digital Banking Transformation Globally

43% of the banks that consider themselves to be innovation pioneers report to have deployed digital transformation at scale. 14% of the pioneers have only partially deployed digital transformation at their organization.

Digital Banking Transformation Impact on Strategic Objectives

Digital Banking Transformation Impact on Strategic Objectives

DIGITAL TRANSFORMATION
AND CX ENHANCEMENT:
THE CORRELATION

Digital transformation seems to be having the greatest impact in the areas of customer experience and the delivery of digital solutions, with most other objectives not being impacted nearly as much. Not many organizations believe digital transformation impacts one of the most critical elements of digital success – the ability to change existing business models.

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Top 5 technologies

Top 5 technologies in which most banks will increase investment over the next two years:
  • Customer experience technologies
  • Mobility
  • New products and services
  • Advanced analytics / AI / machine learning
  • Open banking APIs
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Top 5 strategic objectives most banks are meeting successfully through their digital transformation efforts:
  • Improving customer experience
  • Accelerating delivery of digital products / services
  • Enhancing innovation process
  • Improving marketing and sales
  • Improving back office efficiencies

Learn how you can drive deeper customer engagement across traditional, modern and emerging channels with Infosys Finacle’s Digital Engagement Suite.

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HOW READY ARE BANKS FOR
EMERGING TECHNOLOGIES?

There is a variance between what organizations know is important and their stated ‘readiness’. Mobile technologies topped the charts for technologies to have the greatest impact on banking in the near future, followed by advanced analytics and open banking APIs. However, readiness for AI and analytics continues to be lower than expected.

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Top 5 technologies

Top 5 technologies that banks expect will make the greatest impact in banking:
  • Mobility
  • Advanced analytics / AI / Machine learning
  • Open banking APIs
  • Cloud computing
  • Robotic process automation (RPA)

Readiness of Financial Institution to Leverage Digital Technologies

Less than 50% of the banks surveyed consider themselves ready to leverage the technologies they think will make the most impact

Learn from the success stories of leading banks using Finacle’s blockchain solutions to power their trade and remittance transactions.

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Biggest Threats to the Banking Industry over the next five years

Digital Banking Transformation Impact on Strategic Objectives

ARE BANKS THE INNOVATION
LEADERS IN THE INDUSTRY?

By combining modern technology with a laser focus on improving consumer experiences, fintech and technology firms have brought unprecedented innovation to the banking industry.

One of the primary benefits traditional banks and credit unions had over their competition in the past was trust. Nobody wants to put their life savings at risk or to partner with an organization that wouldn’t protect their identity and privacy. However, this advantage seems to be diminishing. It does not appear as though trust is a big problem for big techs such as GAFA (Google, Amazon, Facebook, Alibaba), who along with digital upstarts and FinTechs have emerged as the new innovation leaders in banking.

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India’s leading payments bank drives 30% of open banking transactions in the country today. Read the full story.

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