Key Findings
With a looming downturn, future-proofing business models
is an even stronger imperative for banks. One-third of survey
respondents noted their banks fear an economic recession while
supply chain disruptions have already impacted their businesses.
Banks have to split their attention between innovating to counter
the downturn and increasing operational resilience, while cutting
back on budgets and head counts.
Banks restructure their future roadmaps to build resilience
and capitalize on growth opportunities. Immediate imperatives
include fortifying cybersecurity and supply chains to bolster
resilience. Simultaneously, banks are prioritizing the creation
of new revenue streams, such as by improving environmental
sustainability and supporting the financial well-being of customers.
Banks struggle to transform by themselves. Transformation
is proving hard for banks as their confidence in their future
readiness decreased this year with the biggest drops in
process and structure and cross-functional, agile collaboration
— both crucial aspects to drive change and evolution towards
collaborative business models.
Banks will rely more heavily on their vendors to cope with fast-
moving market dynamics. Almost two-thirds of banks (65%) prefer
to turn to third parties rather than build homegrown solutions.
Investments go to higher-tech vendors with capabilities that
help banks move the needle with their ecosystem ambitions, as
challenges become more acute and environments more difficult.
THE FUTURE OF DIGITAL BANKING, REVISITED 4
