Sopra Banking Software's externally written reports with analyst firms
Issue link: https://read.uberflip.com/i/1420103
Executive Summary Banking in the future will be invisible, connected, insights driven, and purposeful — and keeping pace will require rapid transformation. Leading banks harness success from their digital transformation, while others struggle to execute a coherent strategy. 1 Empowered digital consumers continue to increase their demands, making customer experience (CX) a critical success factor in banking. 2 Business models are shifting, too, with open banking and open finance promising to reshape financial services over the coming decade. To navigate these forces, banks must pivot towards an ecosystem-based operating model with strong, trusted partnerships. In June 2021, Sopra Steria commissioned Forrester Consulting to evaluate banks' strategic focus and future-readiness in digital banking and ecosystems. To explore this topic, Forrester conducted an online survey with 760 decision-makers at banks globally and conducted 10 interviews with decision-makers at companies partnering with banks to enrich or offer new products/services, provide distribution channels, or increase reach of target customers. We found that only a minority of banks are future-ready with a clear vision for their operating models and the ability to collaborate with ecosystem partners. Furthermore, familiar challenges hinder digital transformation and ecosystem efforts. To tackle those existing and newly arising challenges and capitalize on the growth opportunities an ecosystem approach offers, banks should plan to engage vendors that can help mature digital capabilities and provide strategy and CX expertise. MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 3