Innovation in retail banking 2010

premium
Q+
21/09/2010Study
The scope of this second annual report on innovation in retail banking has been extended to include the Middle East and Africa which provides some interesting and valuable perspectives. From the research, we can see signs of banks emerging from the crisis, with many banks increasing their investment in innovation in 2010 compared to 2009. 

There are numerous new examples of product, channel and process innovations, as well as cases of start-up and established banks adopting innovative business models. Banks have a particular interest in the question of how to deliver a better and more consistent customer experience. It is the combination of product, channel, process and customer relationship management innovation, together with other innovative changes to the business model, which will drive the improvement in customer experience. There are several cases in the report which illustrate this. An increased emphasis on customer-focused innovation is also very clear this year with new approaches like crowd-sourcing being adopted to bring the customer into the innovation process. Many banks said they are trying to do a better job of using customer insight to guide their product and service development. 

The challenges for retail banks in the least developed countries of Africa are in stark contrast to the challenges for retail banks in the more mature markets of Europe. Nevertheless, the way that banks in developing countries are using new technologies and business models illustrates how innovation has a key role to play in any situation and offers some lessons for all retail banks. In fact, some of the banks in the least developed countries are leaders in branchless and mobile banking innovation. 

This report was prepared, on behalf of Efma and Finacle from Infosys, by Michael Pearson of Clarus Investments. 145 banks from 50 countries contributed to the research this year, either by completing an online survey or by participating in an interview. A presentation of this report's main findings will be delivered in Rome at the Efma 38th Congress on Friday 22 October 2010.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

Digital Reinvention
14/02/2025Article

Lack of GenAI expertise among execs threatens to put banks and insurers at risk

The rapid rise of GenAI is forcing banks and insurers to rethink their business strategies, modernize their operations, and prepare...

Digital Reinvention
13/02/2025News

BNP Paribas and BPCE launch Estreem: A new payments processing leader

Estreem will handle 17 billion card transactions annually, covering 30% of France’s card payments, and aims to expand across Europe.

Digital Reinvention
12/02/2025News

Groupe BPCE launches unified tech platform for Banque Populaire and Caisse d’Epargne

This ambitious project is set to improve service delivery to 35 million customers and provide better tools for employees, supporting...

Digital Reinvention
12/02/2025News

Revolut expands services for Ukrainians, launches donation campaign and clear sky card

Revolut has announced the expansion of its services to Ukrainian residents, alongside a new international donation campaign and the launch...

Digital Reinvention
06/02/2025News

Amdax launches Novelist to simplify crypto investing for retail investors

With a minimum investment of just €500, Novelist aims to lower the barrier to entry for individuals looking to invest...

Digital Reinvention
05/02/2025News

Banco Sabadell enhances digital banking with real-time transaction geolocation

By integrating Snowdrop’s MRS API technology, Banco Sabadell enables its customers to view the precise locations of their card transactions...

Digital Reinvention
03/02/2025News

NAB and Amazon introduce PayTo for seamless, secure payments

The integration allows shoppers to make purchases directly from their bank accounts, eliminating the need to enter card details at...

Digital Reinvention
03/02/2025News

BPCE becomes first French bank to offer online subscription for individual retirement plans

Banques Populaires and Caisses d’Epargne, part of the BPCE Group, have become the first banks in France to offer online...