Efma and Infosys Finacle release innovation in retail banking study
Report covers emergence of new banking business models and disruptive technologies.
Efma and Infosys Finacle have today released a joint study on innovation in the retail banking space.
Innovation in retail banking: The emergence of new banking business models looks at the emergence of new banking business models and how disruptive technologies are driving the latest developments in the industry.
The study found that more and more banks are making innovation a strategic priority, with greater investment being made to help boost innovation performance and counter threats from new players.
A growing number of banks are looking to partner with innovative startups, and the emergence of disruptive technologies is helping to accelerate the digitisation of banking. This is resulting in alterations to traditional banking business models.
Regulators are also looking to force the pace of open API development. This will allow new players to develop innovative services. In addition, banks are responding to this shift, with a greater number of innovation labs opening and high investment in research and development.
The study also found that the digital shift is being felt worldwide, in both developed and developing markets, though in slightly different ways. In some emerging markets, for example, where infrastructure is less well developed, the focus is often on innovation in mobile payments and basic banking services, and tends to be led by mobile operators, as well as banks.
The results of the study will be debated at the Efma Innovation Summit in Barcelona, Spain on 25 October 2016, and will include comment from the market experts who produced the report.
Download the report