External reports

Digital Banking Experience Report

Sopra Banking Software's externally written reports with analyst firms

Issue link: https://read.uberflip.com/i/1420103

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Page 4 of 26

The economics of the next decade will challenge banks. Whilst a handful of leading banks drive success from their digital transformation, others still struggle to execute a coherent strategy.3 The COVID-19 pandemic has accelerated the pace of change, placing digitization center stage and exposing weaknesses in transformation strategy. Empowered digital consumers, conditioned by slick experiences from neobanks and tech titans, continue to demand more, making customer experience an even more critical success factor in banking.4 Yet today, only 14% of decision-makers noted that their banks' technology infrastructure and applications can deliver great and differentiating CX.5 Business models are shifting, too, with open banking and open finance promising to reshape financial services over the coming decade, accelerating the evolution towards embedded financial services. To set their course for the future of banking, banks must pivot towards collaboration and reboot the way they operate. Banks are entering an era of open finance, where they can't meet their customers' needs alone.6 To be relevant to consumers, banks must be present in the environments and products that customers use. To build enduring customer relationships banks must collaborate and must cease to see partnerships — and intermediation of brand — as a threat.7 Ecosystems with strong, trusted partnerships will play a central part in defining banking over the next decade. How effectively banks participate in the broader ecosystem — and how well they select their partnerships — will determine their future success. BANKS PRIORITIZE INITIATIVES THAT WILL SUPPORT THE NEW OPERATING MODEL, BUT MANY ARE OVERCONFIDENT ON CX As banks participate in ecosystems with third-party providers, the flow of data becomes more complex as customer journeys and touchpoints bounce between the systems of banks and their partners. In this context, ensuring data Banks Need A Bold New Operating Model, But Few Are Ready For The Shift New banking business models will only succeed if collaboration networks and partnerships are strong. MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 5

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