Only 17% of banks have gone digital: Report

October 17, 2019 17:58

Digital transformation has a long way to go as only 17 per cent of banks globally have succeeded in digitally transforming at scale, according to a new report released on Thursday by Infosys Finacle and non-profit organisation Efma.

Legacy technology and system integration challenges are perceived as the biggest barriers to digital transformation, followed by time and cost required to bring concept to reality, said the report titled 'Innovation in Retail Banking'. More than 350 banks and financial services companies globally took part in the report authored by Jim Marous, publisher of the Digital Banking Report and co-publisher of The Financial Brand.

It said majority of banks are not confident about how digital transformation has successfully impacted their organisational objectives. Only 39 per cent of banks believe their digital transformation strategy has had high or very high impact in accelerating product and service delivery and 33 per cent say it has helped enhance innovation processes.

Very few financial institutions -- just 14 per cent -- believe they are innovation pioneers. Nearly 51 per cent admit to being mainstream or lagging in innovation, said the report.

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