The Innovation in Retail Banking report includes results of a global survey of more than 250 financial institutions, case studies from organizations of all sizes and insight contributions from some of the most respected innovators in banking. The innovation agenda has become intertwined with the digitalization agenda, where transforming back-office core processes and customer facing experiences are brought together by application of data and advanced analytics. The level of investment in both digitalization and innovation has increased in lockstep with each other as a result.

The report illustrates the varying priorities of organizations of different sizes and the challenges and opportunities in the marketplace. More than ever, it is clear that having a defined innovation business model, with the application of data and advanced insights, is an imperative for success. It is also clear that being a ‘fast follower’ is not a viable strategy, according to Efma and Infosys Finacle.