Banks increasing spending on innovation: Survey

With the recovery in macro economy, banks across the globe are increasing their spending on innovation in an attempt to generate more revenue and save costs, an annual study by Infosys and Efmaon Monday said. Efma is a not-for-profit organisation that has over 3,300 retail financial service companies from over 130 countries as its members. According to the Innovation in Retail Banking 2013 study, which is commissioned by Infosys and conducted by Efma, 60% of the banks surveyed this year have an innovation strategy compared to just 37% five years ago, when the report was first issued. The study covered 148 banks across 66 countries this time. This study also showed that 77% of the banks surveyed are increasing investment in innovation, as against only 13% in 2009.

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