Sopra Banking Software's externally written reports with analyst firms
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Master Collaboration To Achieve Growth And Maintain Relevance A strong ecosystem of partners and vendors will help banks overcome these challenges and capitalize on growth opportunities in the open finance era — and virtually all respondents we surveyed expected their banks to achieve significant benefits with a digital ecosystem — and not only for their own banks (see Figure 7). The respondents foresaw a healthy blend of growth opportunities for their organizations as well as enhanced benefits for their customers. Banks see ecosystems as a route to: • Increased business growth. Growth in their organizations' customer base (44%), revenue (42%), and market share (40%) were the top benefits of digital ecosystems respondents highlighted. When we asked respondents which of their organizations' top priority initiatives they expected to drive the highest growth, around half ranked improving business and IT integration with partners (52%) and increasing monetization of open banking APIs and initiatives (50%) in the top three. • Improved CX and stronger relationships with customers. Encouragingly, growth opportunities are anchored in positive customer benefits. By building ecosystems with trusted partners, respondents expected their banks to experience enhanced customer experience (39%) and improved customer satisfaction and loyalty (39%). Figure 7 "What benefits does your company expect to achieve with a digital ecosystem?" Base: 760 global decision-makers at banks with responsibility for credit/lending, customer experience, digital banking, open banking or ecosystem initiatives, payments, and the technology stack Note: Showing top 8, respondents were directed to select all that apply. Source: A commissioned study conducted by Forrester Consulting on behalf of Sopra Steria, July 2021 Improved customer satisfaction and loyalty 39% Improved cost-to-income ratio 35% Improved channel partner performance 35% Increased trust 39% Enhanced customer experience 39% Increased market share 40% Revenue growth 42% Growth in customer base 44% MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 18