US and European Banks Think Inflexible IT is a Top Barrier to Innovation

BANGALORE, India, BOSTON, Massachusetts and LONDON, November 4 Infosys-Bank-IT-Surve
BANGALORE, India, BOSTON, Massachusetts and LONDON, November 4 /PRNewswire-FirstCall/ --
- 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: 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 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 information, visit http://www.infosys.com/finacle
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 more information, visit http://www.infosys.com.
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, 2009. These filings are available at http://www.sec.gov. Infosys may, from 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 editorial coverage through BAI Banking Strategies. Visit http://www.BAI.org for more information, or follow BAI on Twitter at http://twitter.com/BAI_Info. BAI is Bank Administration Institute and BAI 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 efficiency. http://www.efma.com

    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