Infosys Technologies Ltd unveiled the findings on trends and efforts on innovation among banks in Turkey. Recently Infosys joined hands with European Financial Management & Marketing Association (EFMA) and hosted a seminar to deliberate with Turkish bankers on the findings of a survey on innovation in banking across Europe.
Senior management from 89 banks in 26 countries across Europe contributed to the research which brought out some interesting facts on Turkey's leadership on Innovation in Retail Banking. 100% of the Turkish banks in the survey believed that the importance of innovation was high for both operational efficiency and future growth. In comparison, 75% and 82% of banks across Europe pegged the importance of innovation for growth and efficiency as high, respectively. Further, all the banks in Turkey believed that the importance of IT for innovation is high though 83% of these banks believe they are leaders in the use of IT for innovation. Across Europe, 90% banks rated importance of IT for innovation high and only 32% believed they are leaders in the use of IT for innovation. Innovation leadership featured high on the list of business strategies for banks in the country although the survey revealed that only 50% of banks in Turkey (as against only 37% of banks across Europe) have a formal innovation strategy.
Patrick Desmares, Secretary General, EFMA, said, "In this time of crisis, there is a danger that banks will allow other priorities to slow
down the pace of innovation, but this is precisely the time when innovation can lay the platform for future growth and efficiency. Banks in Turkey are well on the path to creating future growth and efficiency from innovation. "
According to Amit Dua, Associate Vice President and EMEA Regional Manager - Finacle, Infosys Technologies Ltd, "Turkish banks have
clearly indicated a preference for innovation as a key enabler for their business strategy and the importance of IT in fueling innovation. Finacle from Infosys has been on the forefront of banking technology and is powering some of the best run banks in the world on their innovation journey. We are committed to employing our global capabilities and best practices to support the innovation aspirations of banks in the country."
As a leader in banking transformation, Finacle(TM) has a global footprint across 65 countries and has been acknowledged among the
leaders in the core banking solution space by top analysts including Gartner and Forrester. Finacle(TM) is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Asian Banker IT Implementation Award and The Banking Technology Judge's Special Award for "Innovative Use of IT".