Survey on banking innovation unveiled

According to Haragopal Mangipudi, Global Head, Finacle, the banking solutions software of the Infosys, the current economic conditions cast a long shadow on the future and financial institutions that would benefit immensely from insight into leading indicators on growth and efficiency. Innovation had emerged as a vital component for business strategy among banks, he said.

The Bank Administration Institute (BAI) and Finacle Research Series, titled ''Navigating in Turbulent Times: Competing for Deposits and Relationships,'' surveyed over 116 senior bankers from over 100 financial institutions across the US. The white paper reports that four out of five bankers rate innovation initiatives as extremely or very important for their pursuit of growth and for improving future efficiencies. Nine out of ten believe that IT would be extremely or very important to innovation efforts, an Infosys release said.

Infosys joined hands with European Financial Management and Marketing Association (EFMA) for a survey on Innovation in Retail Banking among banks across Europe. Senior management from 89 banks in 26 countries across Europe contributed to the research. In all, 78 per cent of the banks in the survey believed that the importance of innovation was high or very high for both growth and efficiency. Inflexible IT systems and bottlenecks in IT development were the top two barriers to innovation across all three regions.

-- (UNI) -- 04MC5.xml

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