Jim Marous
The Financial Brand
Owner and Publisher of Digital Banking Report, Co-Publisher of The Financial Brand
Jim Marous, Owner and Publisher of the Digital Banking Report and Co-Publisher of The Financial Brand, shares key insights from the Qorus-Infosys Finacle Innovation in Retail Banking Report 2024.
He highlights that while innovation maturity in financial services remains modest, banks are making progress, with 58% of institutions reporting greater success with innovation over the past two years. Looking ahead, Jim explains that product and channel innovation will dominate, accounting for 79% of banking innovation over the next five years.
Jim also addresses the key barriers to innovation in banking, identifying technology, culture, and budget constraints as the primary challenges. However, he notes that many financial organizations are increasingly leveraging third-party collaborations to overcome these hurdles. He adds that the use of AI, although promising, remains relatively limited within most financial institutions' services.
