For the past eight years, the Infosys Finacle - Efma “Innovation in retail banking” research has been tracking innovation trends and practices adopted by leading banks globally. We are pleased to share the latest edition of the research with you.
Over 155 respondents from more than 56 countries contributed to this year's study on The Emergence of New Banking Business Models. Visit ourreport microsite to download the report.
Digital transformation is a major priority for banks, and this report serves as an essential handbook on the impact of disruptive technologies such as mobility, advanced analytics/big data, open API’s, blockchain, and the internet of things on evolving banking models. The report also explores the role of fintech start-ups and how banks are collaborating with them in the new ecosystem.
Among the case studies listed in the report, key ones include:
Over 155 respondents from more than 56 countries contributed to this year's study on The Emergence of New Banking Business Models. Visit ourreport microsite to download the report.
Digital transformation is a major priority for banks, and this report serves as an essential handbook on the impact of disruptive technologies such as mobility, advanced analytics/big data, open API’s, blockchain, and the internet of things on evolving banking models. The report also explores the role of fintech start-ups and how banks are collaborating with them in the new ecosystem.
Among the case studies listed in the report, key ones include:
- Wells Fargo, US: Cross-functional innovation group with a focus on R&D and innovation strategies
- Barclays, UK: Accelerator in partnership with Techstars, now expanding open innovation globally
- DBS, Singapore: Accelerator in Hong Kong in partnership with NEST.
- Citigroup, US: Accelerator in the US, Germany, Singapore and Brazil together with Plug and Play.
- Emirates NBD, UAE / ICICI Bank, India: Use of the EdgeVerve Blockchain Framework for a cross-border remittance and trade finance pilot
Some of the other highlights from the report are:
- 77% banks regard the threat from at least one group of potential competitors as high or very high (tech companies, start-ups, retailers, insurers and telcos)
- 73% banks consider working with innovative start-ups as the best approach to access disruptive technologies, as against 46% for whom it is internal research and development
- 50% of the banks consider the legacy technology environment to be the biggest barrier to digital transformation
- Around 60% of the banks consider advanced analytics, & big data and open APIs to be the disruptive technologies that will have an impact on banking business models
Read more on the report microsite.
We hope you will find this study useful and look forward to your feedback / suggestions.
Warm regards,
Sent in by: Maria R
We hope you will find this study useful and look forward to your feedback / suggestions.
Warm regards,
Sent in by: Maria R
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