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Innovation in retail banking 2012: Growth of channel innovation 20 September 2012

Efma and Finacle from Infosys are proud to present the fourth annual study of innovation in retail banking. 

We are pleased to say that the study is now carried out on a global basis and hence this report has valuable perspectives from all regions of the world covering Europe, Middle East, Africa, Asia Pacific and the Americas. Amid the immediate and conflicting priorities that bankers face today, it is good to see that the most innovative banks are committed to the cause of innovation with increased investment. It is also worth noting that the interest and approach to innovation transcends the internal boundaries of business lines and distribution channels within banks. Banks tell us that innovation in delivering a superior customer service and experience is increasingly important. However, they say that channel innovation is equally important and banks have been investing more and more in digital channel innovation. 

From mobile payments of different kinds to online personal financial management services, the rate of deployment of new channel innovations is increasing. Hence the focus of our study this year is channel innovation. There are many common innovation themes from across the regions and countries of the world, but clearly there are always important differences as well. One in particular relates to financial inclusion because many low income countries have a large proportion of the population who are not currently using formal banking services and we highlight some relevant innovation examples in the study. 

Our study has attracted enthusiastic participation from across the world and we are pleased to present this report that captures the perspectives of over 300 bankers from 66 different countries who responded to an online survey. In addition to the valuable insights that we extracted from the survey, we have also highlighted many different channel innovation case examples in the report and we hope you find it both fascinating and useful.

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