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Digitization and Disruptive Technologies Spurring Banks to Invest in New Business Models

Infosys Finacle-Efma Research Shows 78 Percent of Banks Becoming
More Customer Centric Through Reimagining Banking Practices

Infosys Finacle (https://www.edgeverve.com/finacle/), part of
EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), and
Efma (http://www.efma.com/index.php/init/home/index/EN/0/0), 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.

(Logo: http://photos.prnewswire.com/prnh/20151104/283829LOGO )

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 start-ups in order to stay
competitive, with nearly three quarters (73 percent) seeing them as
the best way to leverage new technologies.

Key findings:

– The vast majority (86 percent) of banks believe that emerging
competitors will have a significant impact in the payments area
– Additionally, 73 percent of banks consider working with innovative
start-ups as the best approach to access disruptive technologies.
Meanwhile 41 percent are collaborating with start-ups as suppliers,
32 percent are making direct investments into start-ups, and 27
percent are running accelerators and incubators
– For half of the banks surveyed, legacy technology environments are
the biggest barrier to digital transformation, followed by a lack
of unified vision (44 percent) and a lack of skills and expertise
(38 percent)
– Three quarters (74 percent) of banks now have an innovation
strategy in place and more than two-thirds (69 percent) believe
they are becoming more innovative; but the proportion of banks
increasing innovation investment has fallen to 78 percent from 84
percent last year
– The most disruptive new technology for banks is advanced analytics
and big data, with 79 percent of banks claiming it is having a
significant impact now or will have within in the next two years.
This is followed by mobility and wearables (75 percent) and open
APIs (69 percent)
– A fifth of banks are launching or considering launching a digital
only bank as a strategy for dealing with digital transformation
– Open API Technology is seen as a major development that will have a
high impact on the industry over the next two years, especially
with local compliance forcing banks to open their payment systems

Quotes:

Vincent Bastid, CEO, Efma:

„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:

„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
blockchain that shall cause the next big change in banking.“

Additional Resources:

– Download (http://www.experienceinfosys.com/efma-2016) the full 2016
report
– View (http://www.experienceinfosys.com/efma-2016) related
infographic, video and other collaterals
– Download last year–s report: Innovation in Retail Banking 2015
(https://www.efma.com/study/detail/19629)

About Efma

A global non-profit organisation, established in 1971 by banks and
insurance companies, Efma facilitates networking between
decision-makers. It provides quality insights to help banks and
insurance companies make the right decisions to foster innovation and
drive their transformation. Over 3,300 brands in 130 countries are
Efma members.

Headquarters in Paris. Offices in London, Brussels, Barcelona,
Stockholm, Bratislava, Dubai, Mumbai and Singapore. Learn more
http://www.efma.com

About EdgeVerve Systems Ltd

EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops
innovative software products and offers them on-premise or as
cloud-hosted business platforms. Our products help businesses develop
deeper connections with stakeholders, power continuous innovation and
accelerate growth in the digital world. We power our clients– growth
in rapidly evolving areas like banking, digital marketing,
interactive commerce, distributive trade, credit servicing, customer
service and enterprise buying.

Today EdgeVerve products are used by global corporations across
financial services, insurance, retail and CPG, life sciences,
manufacturing, and telecom. Finacle, part of the product company
EdgeVerve Systems, a subsidiary of Infosys, is a universal banking
solution, and the choice of financial institutions across 94
countries and serves over 848 million customers – estimated to be
nearly 16.5 percent of the world–s adult banked population. Over a
billion bank accounts are powered by Finacle globally.

To know more, visit http://www.edgeverve.com

Safe Harbor

Certain statements in this press release concerning our future
growth prospects are forward-looking statements regarding our future
business expectations intended to qualify for the –safe harbor– under
the Private Securities Litigation Reform Act of 1995, which involve a
number of risks and uncertainties that could cause actual results to
differ materially from those in such forward-looking statements. The
risks and uncertainties relating to these statements include, but are
not limited to, risks and uncertainties regarding fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, intense competition in IT services including those
factors which may affect our cost advantage, wage increases in India,
our ability to attract and retain highly skilled professionals, time
and cost overruns on fixed-price, fixed-time frame contracts, client
concentration, restrictions on immigration, industry segment
concentration, our ability to manage our international operations,
reduced demand for technology in our key focus areas, disruptions in
telecommunication networks or system failures, our ability to
successfully complete and integrate potential acquisitions, liability
for damages on our service contracts, the success of the companies in
which Infosys has made strategic investments, withdrawal or
expiration of governmental fiscal incentives, political instability
and regional conflicts, legal restrictions on raising capital or
acquiring companies outside India, and unauthorized use of our
intellectual property and general economic conditions affecting our
industry. Additional risks that could affect our future operating
results are more fully described in our United States Securities and
Exchange Commission filings including our Annual Report on Form 20-F
for the fiscal year ended March 31, 2016. These filings are available
at http://www.sec.gov. Infosys may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the company–s filings with the Securities and
Exchange Commission and our reports to shareholders. In addition,
please note that the date of this press release is November 2, 2016,
and any forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. The
company does not undertake to update any forward-looking statements
that may be made from time to time by or on behalf of the company
unless it is required by law.

Pressekontakt:
Asia Pacific
Sarah Gideon
Infosys
India
+91 80 4156 3998
Sarah_Gideon@infosys.com
EMEA
Paul de Lara
Infosys
UK
+44 2075162748
Paul_deLara@infosys.com
Americas
Pilar Wolfsteller
Infosys
USA
+1 (510) 944 4596
Pilar.Wolfsteller@infosys.com
Florence Chatelet
Marketing and PR Manager
+33 1 47 42 69 83
florence@efma.com

Original-Content von: Infosys Finacle, übermittelt durch news aktuell

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