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Digital Outlook: Banking Industry

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Infosys commissioned an independent market research company, Vanson Bourne, to investigate the use of digital technologies and key trends in nine industries. We surveyed 1,000 senior decision makers from business and IT, from large organizations with 1,000 employees or more and annual revenue of at least US$500 million.

The report aims to discover:
a) the surging tide of digital technology adoption in organizations – what is used and where?
b) the promised land of digital technology use, and the hurdles organizations face to get there
c) the biggest disruptive digital trends within the next three years and why organizations see them as vital to future success

The summary here presents the survey results and highlights the digital outlook that will define the banking industry strategy over the next three years.

Published in: Economy & Finance
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Digital Outlook: Banking Industry

  1. 1. www.infosys.com DIGITAL OUTLOOK BANKING INDUSTRY …
  2. 2. DIGITAL OUTLOOK BANKING INDUSTR`Y 2 THE RESEARCH … 1,000 Senior IT and business decision makers were interviewed from organizations, which use digital technologies, with 1,000+ employees and US$500M or more global annual revenue. Survey covered a range of industries, across Australia, China, France, Germany, India, the UK, and the US. The research investigates the use of digital technologies and key trends in nine different industries, namely, automotive, banking, consumer packaged goods, healthcare, industrial manufacturing, insurance, life sciences, retail, and utilities. The study reveals • The surging tide of digital technology adoption in organizations - what is used and where? • The promised land of digital technology use, and the hurdles organizations face to get there • The biggest disruptive digital trends within the next three years and why organizations see them as vital to future success
  3. 3. DIGITAL OUTLOOK BANKING INDUSTR`Y 3 TOP BANKING TRENDS THAT WILL MAKE MOST IMPACT WITHIN NEXT THREE YEARS … The three trends receiving the most mentions, as making a positive impact on the business, show a leaning towards newer digital technologies as an overt preference for adopting a certain solution, or indirectly, a willingness to apply it to transform a legacy process or application. 1 Personalization 2 Collaboration 3 Paperless trade
  4. 4. DIGITAL OUTLOOK BANKING INDUSTR`Y 4 DIGITAL TECHNOLOGIES THAT BANKING INDUSTRY USES THE MOST … Banking companies utilize six digital technologies on average. The most deployed technologies in the industry are: 73% Big data analytics 72% Cyber security 65% Enterprise cloud 49% Business process management solutions 48% Artificial intelligence 43% ERP and enterprise application implementation/ modernization
  5. 5. DIGITAL OUTLOOK BANKING INDUSTR`Y 5 KEY GOALS OF IMPLEMENTING DIGITAL TECHNOLOGIES … For banks, the most important purpose of implementing the digital technologies is to improve existing business operations over solving new business problems and somewhat more over creating new opportunities. Big data analytics 63% are implementing it to improve existing business operations 59% to solve new business problems 50% to create new opportunities Cyber security 64% are implementing it to improve existing| business operations 53% to solve new business problems 32% to create new opportunities Enterprise cloud 68% are implementing it to improve existing business operations 48% to solve new business problems 41% to create new opportunities Business process management solutions 67% are implementing it to improve existing business operations 60% to solve new business problems 36% to create new opportunities
  6. 6. DIGITAL OUTLOOK BANKING INDUSTR`Y 6 THE AREAS THAT ARE ATTRACTING INVESTMENTS ARE… … 86% Algorithms for predictive fraud detection 63% Technology for efficient cash management75% Opti-channels for better customer experience 67% Technology for innovations in channels …BUT The adoption of digital technologies is a continuous work in progress in the banking industry. Banks have deep awareness and the right strategic intentions when it comes to the digital agenda; this when coupled with the conviction to act can take them a long way. 68% Personal finance management solutions
  7. 7. Copyright © 2018 Infosys Limited Your journey to being more digital extends from core modernization to customer delight. To steer through that path purposefully, write to us. … Write to Us
  8. 8. Copyright © 2018 Infosys Limited Thank You … Visit Infosys.com/digital-outlook to find out more about the digital outlook that will be driving the banking industry strategy in the next three years.

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