Published Date: May 10, 2012
Research Reveals Poor Core Banking Systems Prevent European Banks from Bringing New Products to Market Quickly
London – May, 10, 2012: A new survey from Ovum, commissioned by Infosys, reveals that 75 percent of the European banks are still using outdated core banking systems, which is affecting their ability to accelerate growth. The research covered 65 C-level executives across European financial institutions and highlights that the lack of modern core banking systems is impacting the bank’s ability to meet changing customer demands quickly, and adapt to regulatory compliance mandates efficiently.
Outdated systems a barrier to innovation and compliance
Haragopal Mangipudi, Global Head – Finacle™, Infosys, says: “Compliance, innovation and speed to market are crucial for banks to succeed in the current market. Banks across Europe need to take action now if they are to address the issues highlighted in the report and remain competitive. Core banking systems are at the heart of any bank’s activity and adoption of modern systems should be reflected in the bank’s strategy to stay competitive.”
Daniel Mayo, practice leader, financial services technology, Ovum, says: “There is a clear disconnect between market needs and market capabilities when it comes to core banking systems. Many banks are trying to restore revenue and drive growth through better servicing and cross-selling to their existing customer base. While European banks with modern packaged systems have faith that they are equipped to tackle the challenges in the coming years, those using older core banking systems do not.”
A full report of the findings can be downloaded at: https://www.infosys.com/finacle/resources/industry-reports/Pages/index.aspx
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.infosys.com/finacle
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