Innovation is Key to Success, According to US Banks

Four out of five bankers rate innovation initiatives as extremely or very important for their pursuit of growth and for improving future efficiencies, according to a recent survey by Infosys Technologies.

The BAI and Finacle Research Series – Navigating in Turbulent Times: Competing for Deposits and Relationships – surveyed over 116 senior bankers from over 100 financial institutions across the US also found that close to nine out of 10 believe that IT will be extremely or very important to innovation efforts.

The survey also found that:

• 87% of respondents surveyed are actively innovating to improve customer relationships and service.
• 52% believe they must invest in both strategic and incremental innovation.
• 94% have maintained or increased their investment in innovation.

Debbie Bianucci, president and chief executive officer (CEO) at BAI, said: “The recent turbulent times have resulted in shifts in the banking landscape as well as priorities and key initiatives of financial institutions’ executives. 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.”

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