Turkish Banks Score Highest On Innovation Across Europe

Key Innovation Trends unveiled during a seminar By Finacle From Infosys and EFMA
Bangalore, London, March 31 2010 – Infosys Technologies Ltd unveiled the findings on trends and efforts on innovation among banks in Turkey. Recently Infosys joined hands with European Financial Management & Marketing Association (EFMA) and hosted a seminar to deliberate with Turkish bankers on the findings of a survey on innovation in banking across Europe.

Senior management from 89 banks in 26 countries across Europe contributed to the research which brought out some interesting facts on Turkey’s leadership on Innovation in Retail Banking. 100% of the Turkish banks in the survey believed that the importance of innovation was high for both operational efficiency and future growth. In comparison, 75% and 82% of banks across Europe pegged the importance of innovation for growth and efficiency as high, respectively. Further, all the banks in Turkey believed that the importance of IT for innovation is high though 83% of these banks believe they are leaders in the use of IT for innovation. Across Europe, 90% banks rated importance of IT for innovation high and only 32% believed they are leaders in the use of IT for innovation. Innovation leadership featured high on the list of business strategies for banks in the country although the survey revealed that only 50% of banks in Turkey (as against only 37% of banks across Europe) have a formal innovation strategy.

Patrick Desmarès, Secretary General, EFMA, said, “In this time of crisis, there is a danger that banks will allow other priorities to slow down the pace of innovation, but this is precisely the time when innovation can lay the platform for future growth and efficiency. Banks in Turkey are well on the path to creating future growth and efficiency from innovation. ”

According to Amit Dua, Associate Vice President and EMEA Regional Manager – Finacle, Infosys Technologies Ltd, “Turkish banks have clearly indicated a preference for innovation as a key enabler for their business strategy and the importance of IT in fueling innovation. Finacle from Infosys has been on the forefront of banking technology and is powering some of the best run banks in the world on their innovation journey. We are committed to employing our global capabilities and best practices to support the innovation aspirations of banks in the country.”

As a leader in banking transformation, Finacle™ has a global footprint across 65 countries and has been acknowledged among the leaders in the core banking solution space by top analysts including Gartner and Forrester. Finacle™ is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Asian Banker IT Implementation Award and The Banking Technology Judge’s Special Award for “Innovative Use of IT”.

About Finacle™ Universal Banking Solution

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 solution 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

About Infosys Technologies Ltd

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 104,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.

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