External reports

The Future Of Digital Banking, Revisited

Sopra Banking Software's externally written reports with analyst firms

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Executive Summary In 2022, nothing is business as usual for banks. At the turn of the year, banks were already struggling to keep up with the rapid pace of change in the banking sector, coupled with the aftereffects of a global pandemic and rising consumer expectations — and the world continues to evolve. What passed for good last year is now superseded by digital innovations and experiences that continue to raise the bar. In addition, macroeconomic circumstances have deteriorated dramatically since last year. Global shifts in geopolitics, wars, regulatory developments, and economic headwinds weigh heavily on businesses. Banks are under sustained pressure to future-proof their business models by increasing resilience, shoring up existing revenue streams, and developing new ones. In June 2022, Sopra Steria commissioned Forrester Consulting to evaluate banks' strategic focus and future readiness in digital banking. This is the second installment of the annual benchmark study. To explore this topic, Forrester conducted an online survey with 792 senior decision-makers at banks globally with responsibility for credit/lending, customer experience, digital banking, open banking or ecosystem initiatives, payments, and the technology stack. We found that, while banks have made considerable progress on their digital banking transformations, new circumstances and environments hinder their path to future readiness, leaving most feeling less confident. As a result, banks will further extend their collaborative business models and rely more heavily on their vendors for assistance in coping with fast-moving market dynamics. THE FUTURE OF DIGITAL BANKING, REVISITED 3

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