Published Date: November 04, 2016
Infosys Finacle-Efma research shows 78 percent of banks becoming more customer centric through reimagining banking practices
Bangalore and Paris – November 2, 2016 – Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), and Efma, a global not-for-profit organization today launched the eighth annual study of ‘Innovation in retail banking’. The research revealed that 77 percent of banks regard the threat from technology companies, start-ups, retailers and/or telecom players as high or very high. Over half now consider the threat from technology companies and start-up challenger banks as significant.
However, the research, in which 158 banks from 56 countries participated, showed that banks have largely embraced digitization and are aggressively adopting new technologies in order to innovate. The proportion of banks with an innovation strategy has increased to 74 percent in 2016, from only 37 percent in 2009. In addition, banks are now more likely to collaborate with startups in order to stay competitive, with nearly three quarters (73 percent) seeing them as the best way to leverage new technologies.
Vincent Bastid, CEO, Efma:
‘This year’s global banking study shows that banks have resolutely turned to start-ups to drive their own digital transformations. However, banks are being held back by old legacy systems and are still divided on where and how much to invest. Banks should think globally and embrace new ways of doing business.’
Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle
‘Changing customer preferences, rapid evolution of technology and pressures from outside of the traditional banking world are accelerating a major transformation of the banking industry. The confluence of these forces is putting digitization at the center of technology renewal, enabling multi-channel touchpoints for superior customer service. From the research findings and customer interactions, it will likely be the development of open API’s, AI and blockchain that shall cause the next big change in banking as a whole.’
A global non-profit organization, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members.
Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Mumbai and Singapore. Learn more www.efma.com
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation, and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million consumers – estimated to be nearly 16.5 percent of the world’s adult banked population. Over a billion bank accounts are powered by Finacle globally.
Finacle solutions address core banking, online banking, mobile banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 banks in the world reveals that institutions powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying. Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom.
Finacle, part of the product company EdgeVerve Systems, a subsidiary of Infosys (NYSE: INFY), is a universal banking solution, and the choice of financial institutions across 94 countries and serves over 848 million customers – estimated to be nearly 16.5 percent of the world’s adult banked population. Over a billion bank accounts are powered by Finacle globally.
To know more, visit www.edgeverve.com
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