External reports

The Future Of Digital Banking, Revisited

Sopra Banking Software's externally written reports with analyst firms

Issue link: https://read.uberflip.com/i/1482142

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Page 13 of 27

Banks Refocus Their Visions To Future-Proof Their Business Models Economic headwinds coupled with unexpected macroeconomic developments make planning and budgeting for future direction and roadmaps harder than normal. 8 Decision-makers at banks are thinking twice about where to invest. While they are not shying away from putting money behind their most important initiatives — over 90% tell us they plan to increase their investments — the focus of their investments has changed. With the changes in their environment, it has become more pressing for banks to adapt swiftly and future-proof their business models. Last year, banks' future visions and roadmaps focused on innovation, getting better at using data and analytics tech, and IT integration with partners. 9 In 2022, the world has moved on. Banks future visions and roadmaps reflect this as they now focus on bolstering resilience to enable themselves to capitalize on growth opportunities and give rise to new revenue streams. Decision-makers at banks are aggressively increasing investments in the top priorities of their future visions and roadmaps, including (see Figure 6): • Increasing business resilience. To fortify and protect customer data and operations, integrating cybersecurity with business strategy is the top priority initiative for banks' future roadmaps. Banks also invest heavily in localizing and diversifying their sourcing to avoid potential issues in their supply chains and remove reliance on single or overseas providers. Lastly, automating more business processes is key, as it allows banks to be more efficient, especially during periods of change. THE FUTURE OF DIGITAL BANKING, REVISITED 14

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