Bangalore: In the wake of turbulent economic situation, the banking sector in US was looking at innovation as being very important to improving efficiency and pursuing growth, a report released by Infosys Technologies said on Wednesday.
The 'white paper' reports that four out of five bankers rate innovation initiatives as extremely or very important to pursuit of growth and for improving future efficiencies while close to nine out 10 believe that IT will be extremely or very important to innovation efforts.
The BAI and Financial Research Series--Navigating in Turbulent Times: Competing for Deposits and Relationships surveyed across 116 senior bankers from over 100 financial institutions across the US.
"The recent turbulent times have resulted in shifts in the
banking landscape as well as priorities and key initiatives
of financial institutions' executives", Debbie Bianucci,
President and CEO, BAI, said.
"Innovation will play a key role as the financial services
industry focuses on efforts to rebuild consumer trust and
confidence, drive growth, reduce costs and enhance the
customer experience", he said.
Innovation had emerged a vital component for business
strategy, Haragopal Mangipudi, Global Head-Financle Infosys
Technologies Limited, said.
According to another survey jointly done by Infosys and
European Financial Management and Marketing Association (EFMA)
on Innovation in Retail Banking among banks across Europe,
Inflexible IT systems and bottlenecks in IT development were
top two barriers to innovation across all three regions.
Patrick Desmares, Secretary General, EFMA, said "In this
time of crisis, there is a danger that banks will allow other
priorities to slow down the space of innovation, but this is
precisely the time when innovation can lay the platform for
future growth and efficiency".
The survey covered senior management from 89 banks in 26
countries across Europe.
Bureau Report