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Banking

INNOVATION IN RETAIL BANKING 2013

Published by Gbaf News

Posted on October 22, 2013

1 min read

· Last updated: December 7, 2018

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Banking Digital banking innovation fintech

INNOVATION IN RETAIL BANKING 2013. Infosys, a global leader in consulting, technology and outsourcing, today announced the launch of its Innovation in Retail Banking 2013 report. The fifth annual studies, commissioned by Infosys and conducted by Efma, investigates how banks can overcome barriers to innovation and improve their innovation capabilities

Innovation in Retail Banking

Key Takeaways

76 % of global retail banks believe they are becoming more innovative.
60 % of banks now have an innovation strategy, up from 37 % five years earlier.
Major barriers to innovation include legacy IT systems and organizational silos.
Mobile innovation is accelerating: 77 % deploying or planning mobile wallets; 69 % for location‑based offerings.
Banks are investing in gamification (45 %) and product personalization (61 %) to enhance offerings.

Frequently Asked Questions

What was the scope of the 2013 study?

It surveyed 148 retail banks across 66 countries and was the fifth annual study commissioned by Infosys and conducted by Efma.

What percentage of banks had an innovation strategy in 2013?

60 % of banks had an innovation strategy in 2013, compared to just 37 % five years earlier.

What were the main barriers to innovation identified?

Legacy IT systems and organizational silos were cited as the top barriers to innovation.

How prevalent was mobile innovation among banks?

77 % of banks were deploying or planning mobile wallet solutions; 69 % were implementing or planning mobile location‑based offerings.

What other innovation areas were highlighted?

Banks were investing in gamification (45 %) and product personalization (61 %) to enhance customer engagement.

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INNOVATION IN RETAIL BANKING 2013

Key Takeaways

Frequently Asked Questions

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