A recent report found that emerging markets are expected to continue driving global growth at twice the rate of developed markets, and banks should expect improved financial performance, even in the face of challenges such as rising costs, intensifying competition and tougher regulatory burdens.

EY LLC surveyed more than 50 leading financial services institutions and more than 9,000 retail banking customers in 11 emerging markets. The results were reported in "Banking in Emerging Markets: Investing for Success."

“Success in these emerging markets is not straightforward, but there is great potential for those banks that get it right. In order to be successful in the long-term, banks must focus on designing the right business model and developing strong execution capabilities – learning and adapting from what banks have done well and not-so-well in both developed and other emerging countries,” Jan Bellens, EY’s Global Banking & Capital Markets Emerging Markets leader, said.