Innovation in Retail Banking 2023

in partnership with

Infosys Finacle

Logo of Infosys Finacle

Inspiring better banking across 100+ countries.

View more
Digital Reinvention
23/03/2023 Study
01 Jun 2023
01/06/2023 Webinar

Innovation in Retail Banking 2023

The Future of Innovation During Times of Economic Uncertainty

Innovation has become a critical component of business growth in the banking industry. Beyond creating the ‘next big thing,’ innovation includes the creation of value through new or existing products, services, and processes. It also must incrementally improve customer and employee experiences, back-office efficiency, and revenue opportunities. Most importantly, banks need to innovate continuously and recompose their legacy business models to create new value for their stakeholders.

Traditional and non-traditional banking providers are increasingly responding to evolving customer needs and behaviors by creating new solutions at speed and scale. With a challenger mindset, these organizations are continuously rethinking back-office processes to enhance products and services that build engagement and create better experiences.

These efforts are expanding the set of potential financial partners that consumers and businesses consider using, resulting in shifting loyalties and market share.

Our research shows that while innovation leaders understand the importance of delivering improved experiences and products as quickly as possible, structural challenges continue to impede the speed and scale of innovation. Adding to the challenges of legacy cultures and processes, financial institutions are considering ‘scaling back’ investments in innovation as the industry faces uncertain economic times.

More than ever, those institutions that view the innovation process as a driver of future revenues (as opposed to a cost) will benefit the most as the economy returns to normal growth patterns.

The future of retail banking innovation has the foundation of internal and external data, advanced analytics, digital technologies, and new delivery 
alternatives. This will require them to modernize their technology landscape and lead with transformation initiatives that will enable them to fight for a share of “new-age banking”, conducted as digital-first, embedded finance, marketplace banking, and BaaS, among others.

Download the full report

Related news & insights

20/05/2024 News

Clearcover and Ada collaborate on customer-facing AI solution

This collaboration aims to revolutionize Clearcover's customer service experience by integrating Ada's 'AI Agent' into its platforms.

Digital Reinvention
15/05/2024 Article

Financial innovation spotlight: May 2024 edition

We have selected five new innovative projects that we found particularly interesting. A world tour that takes in France with...

Digital Reinvention
14/05/2024 News

Nirio launches Premio with FDJ: Simplifying everyday banking

Since January 2023, Nirio's payment solution has allowed individuals to pay for daily expenses in nearly 10,000 partner stores approved...

Open Finance
14/05/2024 News

Cwallet introduces zero-fee transactions for IDR and crypto trading

This innovative development aims to transform the way users interact with both fiat and digital currencies, enhancing their trading experience...

Digital Reinvention
13/05/2024 News

Nu Mexico surpasses 7 million customers, driven by rapid expansion and innovation

This rapid growth includes the addition of 2 million new customers within the last three months, fueled by continuous innovation...

Digital Reinvention
13/05/2024 Article

Banking Innovation of the Month: Santander Spain’s SME/wholesale user experience

Celebrating groundbreaking initiatives in the banking industry, we open this year’s monthly Qorus-Infosys Finacle Banking Innovation Awards with a spotlight...

Digital Reinvention
12/05/2024 News

Nubank launches Nubank+ and partners with Max in Brazil

Nubank, one of the world's largest digital financial services platforms, has announced the launch of Nubank+, an evolution of the...

SME Banking
11/05/2024 News

Chase announces new digital products to help small businesses grow

In the U.S., Chase has unveiled a series of new digital products aimed at helping small business owners tackle their...