Sopra Banking Software's externally written reports with analyst firms
Issue link: https://read.uberflip.com/i/1420103
Key Recommendations The open finance era will improve customer well-being, offering ease and better experiences as banks harness trust, technology, and insights to embed truly customer-focused financial services where they are needed. But banks operating models are outdated. They are not set up to augment their services via third parties, and don't drive value through collaboration to build on the value of digital transformation and technology adoption. Banks must reorient their digital banking strategy to one of collaboration and ecosystem engagement. Forrester Consulting's in-depth survey of 760 decision-makers at banks about their future strategic focus and digital banking maturity yielded several important recommendations. The study showed that banks already overestimate their abilities in areas like customer experience — but underestimate the challenges they face as market dynamics shift to ecosystem-oriented collaboration. To build a bold new operating model that is externally oriented towards collaboration and collective value delivery for both customers and partners, and capable of withstanding the demands of an open finance era, banks must: Build strong competence in mapping CX across partner journeys. Customers place more emphasis on their broader financial needs, spurred on by the focus on financial wellbeing and embedded finance. Collaborative delivery requires a root-and-branch assessment of how financial products enable value with a step change in customer insight. Differentiators care about the whole process. Future-state customer-journey mapping draws on the wider context, using ecosystem maps to provide insight into the supporting partners, employees, technologies, and processes that affect the journey. This ensures a consistent experience and identifies moments of truth that shape future experiences. 20 Design for integration, building ecosystem-thinking into products from the outset. Open finance and government-sponsored smart data initiatives open up more opportunity and demand engagement. Future banks will operate in multiple modes concurrently: direct-to-consumer, as-a-service, marketplace seller, and platform owner. Design for integration from the outset and consider how your capabilities may MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 23