"The 14th edition of the ‘Innovation in Retail Banking’ report involved senior executives from over 650 global banks and financial institutions participate in a survey to identify innovation trends in retail banking. Looking at the digital transformation process, only 11% of the respondents are confident that their bank's digital transformation journey has succeeded and is delivering as per their expectations. Looking ahead, 92% banks said they will increase innovation investments in digital delivery, 53% of banks are gearing up for innovation in product delivery, while only 23% have their sights set on developing new and exciting products in the coming year. Given these findings, it is evident that banks need to invest for sustainable long-term growth to stay competitive in today’s digital world."
Head Product Management and Marketing
The Financial Brand
Owner and Publisher of Digital Banking Report, Co-Publisher of The Financial Brand
RBS International - The Royal Bank of Scotland International
Head of Digital, Innovation & Design