51% of financial institutions admit lag in digital innovation: Sanat Rao

Digital transformation in the banking industry has a long way to go, despite banks worldwide clearly recognising that digital innovation is critical in remaining relevant and competitive, reveals a new report.

Only 17 per cent of banks that responded to a survey have deployed digital at scale, according to the 11th annual Innovation in Retail Banking report. This joint report, unveiled by Efma and Infosys Finacle, highlights the progress the industry has made in using digital innovations to transform customer experience.

Only 14 per cent of the respondents who consider their organisation to be a leader have deployed digital transformation at scale.