By Tricitynews Reporter
Chandigarh
02nd November:- 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 said that 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, Global Head of Infosys
Finacle, EdgeVerve said that 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 touch-points for superior
customer service. From the research findings and customer interactions, it will
likely be the development of open API’s, AI and block chain that shall cause
the next big change in banking.
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