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What passed for good last year is now superseded by digital innovations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
