Sopra Banking Software's externally written reports with analyst firms
Issue link: https://read.uberflip.com/i/1420103
– Reluctant to change. In our interviews with ecosystem members — the third parties that collaborate with banks to enrich or offer new products/services, provide distribution, or increase acquisition reach — we found that banks are often slow to change and risk averse. The VP of payments platform at an Asian payments company noted: "A lot of partnerships fail because of the culture in a bank. Accountability, passion, ownership structures … there is no incentive to really go above and beyond. At tech companies there is a greater hustle. This is why banks will struggle — and why tech companies are making a run for their money." The head of business development at a global lending platform noted, "Banks on the surface look like an ideal partner but are not open-minded or ready to embrace change — it's never going to be a good marriage." – Undervaluing partners. The chief ventures officer at a European marketplace noted, "Most banks just see us as another channel and treat us like an asset rather than a partner." This interviewee also added: "A large Tier 1 bank wanted to give us really bad contract conditions — below average on the market. This problem didn't arise with the neobank partner we went with because everything they do is already fully digital so they don't see digital as a threat." The VP of payments platform at an Asian payments company noted: "Banks need to do more around CX — and that translates to partner experience as well! They are not partner-centric, and don't think: 'What does the partner go through? What do they need? What is their experience?' The partner experience is far from ideal." – Dissatisfied with their digital banking technology providers. Globally, more than one in four respondents noted their banks were not satisfied with their technology providers' current digital banking capabilities (see Figure 6). Key issues banks experience with these partners are the size of the innovation ecosystem, the partner's forward-looking capabilities, prebuilt integrations, consulting offerings, and their deployment flexibility. MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 16