W
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P
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P
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R
LOOKING FORWARD TO 2023
D
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B
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F
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2
0
2
1
T
O
2
0
2
2
HIGHEST GROWTH
EXPECTATIONS BY
INITIATIVE
02
BIGGEST
CHALLENGES
03
PARTNERING UP
04
AGGRESSIVE SHIFT
IN INVESTMENT
05
BANKS ARE
GETTING QUICKER
AT TAKING NEW
PRODUCTS
AND SERVICES TO
MARKET
06
FUTURE VISION
AND ROADMAP
01
The financial services industry may have changed
but, as we've seen in this report, the banking sector
is prepared to change with it. In just 12 months,
we have seen a dramatic shift in banks' willingness
to work with third parties and partners in order to
achieve success with their top priorities, as well as
a significant boost in investment expectations to
make it happen. Perhaps this points to a change
in mentality among banking leaders, who are
already reaping the rewards of vastly improved
time-to-market speeds thanks to co-operating
with ecosystem partners.
At the same time, however, we can see that banks
face many similar challenges as they did last year.
Concerns around data security and management
are still rife, as well as the ever-present problem of
legacy system technology.
Interestingly, new challenges are becoming critical
when embracing co-operation with ecosystems.
And this shows. Ensuring data interoperability
and flow between internal and external systems
has become banks' biggest challenge on their way
toward the digital economy. We will see how close
they are to resolution in our next annual report in
2023.
In the meantime, we will continue to analyze
the data afforded to us from the wide-reaching
and expansive survey, so check back regularly
at resources.soprabanking.com for new insights
around the current and future state of the financial
services industry.
