Sopra Banking Software's externally written reports with analyst firms
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• Boosting customers' financial well-being. Respondents noted their banks want to improve not only their own organization resilience but also the financial resilience of customers (see Figure 7). Customers face a range of financial challenges from macroeconomic headwinds, such as inflation, and the majority are anxious about their financial situation. 10 Improving the financial well-being and savviness of customers is a great opportunity to drive engagement, create new value, increase loyalty, and future-proof revenues. 11 In the coming year, around two-thirds of respondents' banks plan to emphasize the creation of inclusive and accessible financial products and services that help customers manage their mid- to long-term finances (66%) and strive to increase financial literacy (64%). Figure 7 Banks Boost Customers' Financial Well-Being Base: 792 global decision-makers at banks with responsibility for credit/lending, customer experience, digital banking, open banking or ecosystem initiatives, payments, and the technology stack Source: A commissioned study conducted by Forrester Consulting on behalf of Sopra Steria, July 2022 Increasing customers' overall financial wellbeing Creating inclusive and accessible financial products and services Implementing alternative credit scoring methods Incorporating behavioral insights into financial experience design Providing money management tools to help customers manage their finances Investing in technologies to identify financial vulnerability through data analytics Providing financial educational tools and increasing financial literacy Offering comparison tools and/or online brokerages that facilitate provider switching 80% 70% 60% 50% (Intermediate) Technologist (Intermediate) Strategist (Intermediate) Specialist Pioneer Explorer 1 1 2 3 4 5 6 7 8 2 3 4 5 6 7 8 THE FUTURE OF DIGITAL BANKING, REVISITED 16