Banks expect digital banking product delivery will see most innovation

In this episode of "The Buzz" podcast, hear how executives in retail digital banking are least confident in their organizations' ability to create a well-defined innovation strategy and measure the results. Over the next five years, banks expect most innovation to happen in product delivery.

Bank Automation News digs into a study from digital banking solutions provider Infosys Finacle that surveyed more than 1,165 executives at banks of all types regarding their use of retail digital banking technology. 
 
"Almost 36% of bankers believe that the big tech players like Apple and Google or leading consumer technology companies like Amazon will lead the way in terms of payments business and cards business, as well as some of the digital delivery of banking services," Rajashekara Maiya, vice president of global business consulting at digital banking solutions provider Infosys Finacle, told BAN
 
The study dives into banks' innovation successes during the COVID-19 pandemic, banks' maturity with digital transformation, how banks will be focusing their digital banking spending, whether banks increased or decreased particular digital banking investments, and how much success — or lack thereof — banks have had with specific digital banking technologies, including open banking application programming interfaces (APIs), mobile banking apps and blockchain technology
 
Among other areas, the study looked at where banks expect the most innovation will take place over the next five years and found that: 
 
·       53% of respondents expect it will be in bank product delivery; 
·       20% said they expect the most innovation in individual bank products; 
·       17% said they anticipate the biggest innovation will come from industry players that will compete with traditional banks; and 
·       11% said they expect the most innovation in consumption of bank product use, or changes from the end user perspective. 
 
Other items the study addressed include how banks rate their ability to keep up with new ideas in the market and how successful they've been in addressing legacy technology and system integrations. 
 
Bank Automation Summit, taking place March 1-2 in Charlotte, is the first and only event to focus solely on automation in banking. The event will feature the brightest minds from across financial services on intelligent automation strategies and deployment. Learn more and register here for Bank Automation Summit 2022.

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