Sopra Banking Software's externally written reports with analyst firms
Issue link: https://read.uberflip.com/i/1420103
connect with new communities of customers, partners, influencers, or competitors. Think in terms of business building blocks and design as-a-service for event-driven architectures, while building the tools, services, and skills for onboarding, support, orchestration, and engagement. Pivot to an outside-in culture. An ecosystem-based, collaborative approach means moving from a business focused on control to a business focused on influence and reciprocity. This changes your business philosophy and required skills. Open finance will see banks build and participate in ecosystems with firms in other industries like telecommunications, utility, retailers, transit, and pension providers to deliver new forms of financial solutions. This demands openness from accepting third-party collaboration to sharing insights. Building trust, earning influence, and aligning goals beyond your corporate boundaries are prized skills. Ensure effective partner management. As success becomes collective and reliance on partnerships and ecosystems grow, the focus must move beyond traditional third-party management to engagement and the quality of relationships. Chief marketplace officers and chief ecosystem officers are taking their place at the top table. Growth of influence in an ecosystem, customer acquisition, stickiness, and lifetime value uplift are all measurable benefits. Define vendor and partner selection criteria based on needs. Broaden your vendor and partner selection requirements to focus on the breadth of a vendor's offering, not just technical expertise. Look for vendors that blend a track record of implementing emerging technology with insights to get the most value for it — and vendors that have the soft skills available to train out the path to success in your firm. When it comes to ecosystems, vendors need to demonstrate sensitivity to the cultural challenges of operating an ecosystem and, ideally, come with a catalogue of third parties that can provide plug-and-play opportunity. MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 24