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Over the years, there has been a growing realisation in banking towards innovation as the proven path to differentiation and competitiveness. While the transformation has been slow, over the last decade the industry witnessed an increasing willingness to discard the traditional short-term focus, functional siloes and risk-averse culture towards more meaningful advancements and open culture.While traditional banking organisations have lagged other industries with regard to innovative cultures, the challenges over the past decade seem to be more deeply entrenched at financial institutions in the more developed countries. Evidence of this dearth of exciting innovations by banks in the US and Western Europe can be seen when looking at the big winners at annual financial innovation award presentations.
Efma and Infosys Finacle are present the 10th annual ‘Innovation in Retail Banking’ report. After a decade of charting the development of innovations and business models in retail banking, this year’s study is a milestone that marks just how far the industry has come – and how new technologies are still driving transformation.
We also look ahead at what’s in store for banking in 2022.
