85% of Banks increase investment in innovation, Emerging markets lead the way. Also interesting to see that Financial Institutions are increasingly collaborating with start-ups!
Banks in fast-growing and rapidly-developing markets display greater ambition towards becoming innovation leaders by investing more in research and development than their peers in mature markets. This one of the findings of the global Innovation in Retail Banking 2014 report, released yesterday by consulting, technology and outsourcing company Infosys and conducted by Efma, which surveyed over 100 retail banks around the world. The study also revealed that banks across the globe, especially from more mature economies, are increasing their innovation investments in 2014 compared to 2013 to keep pace with increasing customer expectations and respond to new market entrants. "Working closely with start-ups is becoming more common and we believe this is a positive trend," he said. "Interestingly, it is the banks in fast growing and rapidly developing markets that are still leading the way and showing more ambition."