Research carried out by Efma on the behalf of outsourcing firm Infosys, revealed that 77 per cent of international banks surveyed, where intending to increased investment in innovation funding.

Rising areas of innovation include new customer interaction services brought about by improvements in technology, including mobile and online banking services and internal data analytic services.

The research surveyed 148 banks in 66 different countries, with the survey showing a large percentage of banks planning for innovation promotion, compared to just 13 per cent of banks who had increased investment in a similar report in published in 2009.

Despite the desire to increase the development of innovation through greater funding, many banks have been limited by the continued use of legacy systems with limited infrastructure, which prevents the application of innovative practices.

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