BANGALORE, India, BOSTON, MA and LONDON, Nov. 4 /CNW/ -- 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: http://www.infosys.com/finacle/usa/solutions/Innovation-in-Retail-Banking- BAI.asp?cid=265

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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 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.