MEDIA RELEASE PR36937
US and European Banks Think Inflexible IT is a Top Barrier to Innovation
BANGALORE, India, BOSTON, Massachusetts and LONDON, Nov 5/ PRNewswire-AsiaNet/ --
- Surveys by Finacle From Infosys Reveal Key Trends on Banking Innovation
Infosys Technologies Ltd today announced the unveiling of two
significant reports on banking innovation from surveys among senior bankers
in US and Europe. The detailed reports from the research studies are
available at:
BAI.asp?cid=265
According to Haragopal Mangipudi, Global Head - Finacle,
Infosys Technologies Ltd, "The current economic conditions cast a long shadow
on the future and financial institutions would benefit immensely from insight
into leading indicators on growth and efficiency. Innovation has emerged as a
vital component for business strategy among banks and as a leading innovation
partner for banks across the globe, we are pleased to present these
findings."
The BAI and Finacle Research Series - Navigating in Turbulent
Times: Competing for Deposits and Relationships surveyed over 116 senior
bankers from over 100 financial institutions across the U.S. The whitepaper
reports that four out of five bankers rate innovation initiatives as
extremely or very important for their pursuit of growth and for improving
future efficiencies. Further, close to nine out of ten believe that IT will
be extremely or very important to innovation efforts.
Debbie Bianucci, President & Chief Executive Officer, BAI,
said, "The recent turbulent times have resulted in shifts in the banking
landscape as well as priorities and key initiatives of financial
institutions' executives. Innovation will play a key role as the financial
services industry focuses on efforts to rebuild consumer trust and
confidence, drive growth, reduce costs and enhance the customer experience.
The BAI and Finacle Research Series provides vital insights into the need for
banking innovation."
Infosys joined hands with European Financial Management &
Marketing Association (EFMA) for a survey on Innovation in Retail Banking
among banks across Europe. Senior management from 89 banks in 26 countries
across Europe contributed to the research. 78% of the banks in the survey
believed that the importance of innovation was high or very high for both
growth and efficiency. Inflexible IT systems and bottlenecks in IT
development were the top 2 barriers to innovation across all 3 regions.
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. We found a huge amount
of interest in the subject of innovation when talking to banks across Europe,
and we hope that the insights we have been able to draw out of the research
prove useful."
As a leader in banking technology, Finacle(TM) has a global
footprint across 62 countries and has been acknowledged among 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'.
About Finacle(TM) Universal Banking Solution
Finacle(TM) from Infosys helps banks WIN IN THE FLAT WORLD by
providing solutions and services that enable a shift in their strategic and
operational priorities. The offerings address the comprehensive
technology-led business transformation requirements of retail, corporate and
universal banks worldwide by maximizing their opportunities for growth, while
minimizing the risks that come with such large scale transformation. For more
About Infosys Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers
IT-enabled business solutions that help Global 2000 companies win in a Flat
World. These solutions focus on providing strategic differentiation and
operational superiority to clients. With Infosys, clients are assured of a
transparent business partner, world-class processes, speed of execution and
the power to stretch their IT budget by leveraging the Global Delivery Model
that Infosys pioneered. Infosys has over 104,000 employees in over 50 offices
worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For
Infosys Technologies Ltd - Safe Harbor
Certain statements in this release concerning our future
growth prospects are forward-looking statements, which involve a number of
risks and uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. The risks and uncertainties
relating to these statements include, but are not limited to, risks and
uncertainties regarding fluctuations in earnings, our ability to manage
growth, intense competition in IT services including those factors which may
affect our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration, restrictions
on immigration, industry segment concentration, our ability to manage our
international operations, reduced demand for technology in our key focus
areas, disruptions in telecommunication networks or system failures, our
ability to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the companies
in which Infosys has made strategic investments, withdrawal of governmental
fiscal incentives, political instability and regional conflicts, legal
restrictions on raising capital or acquiring companies outside India, and
unauthorized use of our intellectual property and general economic conditions
affecting our industry.
Additional risks that could affect our future operating
results are more fully described in our United States Securities and Exchange
Commission filings including our Annual Report on Form 20-F for the fiscal
year ended March 31, 2009 and on Form 6-K for the quarter ended June 30,
time to time, make additional written and oral forward-looking statements,
including statements contained in the company's filings with the Securities
and Exchange Commission and our reports to shareholders. The company does not
undertake to update any forward-looking statements that may be made from time
to time by or on behalf of the company.
About BAI
BAI is the financial services industry's partner for breakthrough
information and intelligence needed to innovate and stay relevant in an
evolving marketplace. For more than 80 years, BAI has focused on advancing
the industry by offering unbiased education and research. BAI's offerings are
as diverse as the industry, and include premier events such as BAI Retail
Delivery Conference & Expo, ground-breaking research and performance
metrics, professional learning and development programs, and in-depth
for more information, or follow BAI on Twitter at
Center.
About EFMA
Efma promotes innovation in retail finance in Europe by fostering debate
and discussion among the main players involved in change. Formed in 1971,
Efma comprises 2,960 different brands in financial services worldwide today,
including 80% of the largest European banking groups.
Through regular events, publications, and its comprehensive website, the
association provides retail financial service professionals with answers to
their questions about the main issues at stake in their business: multiple
distribution strategies, customer approach, CRM, product and service
marketing and improving profitability.
Efma is above all a dynamic association, providing a great
opportunity for discussion and exchanges without any commercial constraints.
It provides its members with a wide range of exclusive services as well as
discount rates on non-gratuitous activities. The loyalty of its members as
well as their permanent financial support are the best proof of its
For more information please contact:
Infosys Press Office - India
Mickey Bopanna
Corporate Voice Weber Shandwick
+91-9980-616-521
mickey@corvoshandwick.co.in
Infosys Press Office - United States
Jyotsna Grover
BitePR
+1-408-569-5456
Jyotsna.Grover@bitepr.com
Infosys Press Office - Europe
Shamima Begum
Golin Harris
+44(0)20-7067-0469
sbegum@golinharris.com
SOURCE: Infosys Technologies Limited
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