Results tagged “innovation banking”

Is innovation in your DNA?

The emphasis on innovation has never been more acute; that has been clearly established based on the findings of this year's Efma-Infosys Innovation in Retail Banking study. But the study has also found that the innovation effort in most banks is not supported by a designated central resource or by an organizational framework that brings together employees from across functions and business lines.

The appification of banking

Even as traditional banks concentrate on strengthening their online and mobile channels as a viable alternative to their core brick & mortar proposition, a new breed of direct-only competitors are making their presence felt among retail banking customers. A new study reveals that direct-only is the only category in banking to gain market share amongst customers establishing or shifting their financial loyalties. It is estimated that over the past five years, deposits in this emerging category have grown three times the industry average. 

Shifting the boundaries of innovation

Open innovation, the process of encouraging ideation across all stakeholders to drive enterprise innovation, is gaining traction in a diverse range of business applications - from automotive design to drug discovery. Two banks that are harnessing the power of Open Innovation to drive organization change were featured in the most recent edition of the Efma-Infosys Innovation in Retail Banking study.

Personalize this

Can personalization deliver sustainable competitive advantage for retail banks? It would seem so if one references a study in which up to 70% of global banking customers expressed willingness to even offer up personal data if it could positively influence personalization and service. 

Making innovation a culture

Between risk management, regulation and compliance, innovation in banking is essentially an iterated combination of the possible, the practical and the permissible. But then those are the ground rules. And yet 'Culture' trumped 'Regulation' in a bankers' list of the biggest barriers to innovation  compiled by the Efma-Infosys Innovation in Retail Banking Study 2013.

Making IT innovation-friendly

Current legacy IT systems have emerged as the most significant barrier for innovation, across banks of all sizes, according to the Efma-Infosys Innovation in Retail Banking Study 2013. Well, not all banks; IT systems ranked either 5th or 6th as problem areas at around 20% of large and medium sized banks that participated in the study. Nonetheless, they are still the exceptions - either because they have up-to-date systems or are focused on non-IT dependent innovation - that prove the rule.

Taking innovation mainstream

The intent is definitely there and so are the strategies and investments to realize it. The metrics are in place to assess performance and over three-quarters of the respondents indicate that they are getting better at it. That, in short, is the current status of banking innovation according to the 5th edition of the annual Efma-Infosys Innovation in Retail Banking Study.

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