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80% of Banks Expect Embedded Banking to Drive Over Half of Transactions by 2030: Infosys Finacle and Qorus Report

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Qorus, formerly Efma, a global non-profit organization by banks and insurance companies, along with Jim Marous, the publisher of the Digital Banking Report and co-publisher of The Financial Brand, have launched the 15th edition of the annual ‘Innovation in Retail Banking’ report. The report captures the banking industry’s progress in various dimensions of digital transformation and innovation amidst a promising yet challenging environment. The report covers perspectives of 130 senior bank executives, globally, on the strategies, challenges, and successes in innovation within the retail banking sector. It also includes 10 in-depth interviews with leading banking technology practitioners and 40 case studies highlighting successful retail banking innovations.

The report highlights that 80% of banking executives believe third-party apps will drive more than half of all banking transactions by 2030. It also underlines the domains that banks must continue to innovate across, including adopting new business models, creating and delivering newer offerings, enhancing digital engagements, achieving operational agility, fostering an innovation-centric culture, and integrating advanced technologies like cloud computing, artificial intelligence (AI), and enhanced security measures. Read the full report here.

Key findings of the 15th edition of the research report include:

  • Only 11% of banks believe they have managed to scale transformation initiatives and achieve expected outcomes
  • Over 80% of respondents anticipate that three-fourths of enterprise banking applications will reside in the public cloud by 2030
  • 90% foresee that cybersecurity threats will increase, with budgets to counter them expected to more than double by 2030
  • 70% of respondents predict that non-traditional banking entities will capture over one-third of the retail banking market share by 2030, indicating a highly competitive future landscape
  • 76% of banking executives report using advanced chatbots for natural, context-aware conversations, while only 20.7% have deployed AI applications for dynamic pricing execution