European Banks Lag Behind U.S. Banks in Innovation

Finastra CEO Simon Paris tells CNBC that European Banks are falling behind their U.S. counterparts when it comes to innovation; “You see a big difference between the U.S. banks and the European banks, and I think that’s part of the reason why U.S. banks are at twice the level of return on equity over the Europeans,” he said on CNBC’s Squawk Box Europe; technology to help improve banks productivity has been adopted on a wide scale, while retail banking technology has been taken up at a slower pace; he goes on to say that banks should embrace open banking and do a better job at tackling fraud and error. Source.