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Banks increase innovation spend despite slowdown: Infy-Efma study

Posted on Nov 13, 03:40PM | UNI

Despite the global economic downturn hurting them and the priorities changing, banks around the world are still increasing their investments in innovation.

This key finding is part of 'Innovation in Retail Banking 2012', the fourth annual study commissioned by Infosys, a global leader in consulting and technology, and Efma.

The study of 300 bankers in 66 countries across Europe, the Middle East, Africa, the Asia-Pacific region, including India and the Americas also found that online and mobile channels are growing rapidly, with banks focused on areas of innovation that will attract new customers and grow revenues, a release issued here today said.

The study revealed that 79 per cent of banks see innovation as strategically important to the future success of their business, while 76 per cent said that investment in innovation in 2012 has already increased over the previous year, mostly in the areas of channels and customer experience.

The bank branches receive the highest proportion of discretionary IT budget at 27 per cent, compared to 26 per cnet for online and 20 per cent for mobile. Yet there was a consistent view across the regions that online and mobile are the most important channels for innovation.