Sopra Banking Software's externally written reports with analyst firms
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security and providing a consistent digital experience are critical components of success. In surveying 760 decision-makers, we found that banks are starting to prioritize the right initiatives (see Figure 1). The highest-ranking initiative for respondents' banks was improving security (39%), though improving risk management and control wasn't far behind (32%). These initiatives are crucial for preventing an open finance model from becoming an enhanced threat landscape, especially given that fraud and data breaches are expected to reach an all-time high.8 Beyond this, our survey found that three of the top five critical priorities demonstrated banks' desire to innovate and improve their digital products and services (34%), whilst driving greater efficiency (32%) and delighting customers with better experiences (32%). Figure 1 "How much of a priority are the following initiatives for your company?" Critical priority Average Poor Fair Base: 760 global decision-makers at banks with responsibility for credit/lending, customer experience, digital banking, open banking or ecosystem initiatives, payments, and the technology stack Note: Data in left column shows top 6 responses and data in the right column shows top 5 responses Source: A commissioned study conducted by Forrester Consulting on behalf of Sopra Steria, July 2021 Improving security 39% Improving digital products and services 34% Improving risk management and control 32% Improving efficiency and productivity 32% Improving the experience of our customers 32% Accelerating our shift to digital business 31% "How would you rate your organization's ability in the following aspects of customer experience?" Enabling rapid improvement based on customer feedback or insight 6% 2% 24% Enabling frictionless customer onboarding 5% 2% 24% Driving customer insight from data acquisition 7% 1% 23% Integrating third-party tools, products, or services in our channels to improve customer experience 6% 1% 23% Delivering a seamless customer experience across channels 2% 23% 5% MASTER ECOSYSTEMS TO BE FUTURE-READY IN BANKING 6