Sopra Banking Software's externally written reports with analyst firms
Issue link: https://read.uberflip.com/i/1482142
One-fifth of respondents even declare their banks as ready for open finance — a cornerstone for collaborative, embedded financial services — and more than half are making considerable efforts with dedicated teams to respond to open finance and build more open finance services. • Cloud delivery models are changing how financial services firms deliver value to their customers. Within a heavily regulated industry, cloud sourcing is not a light undertaking, but cloud delivery models, such as as a service and as a platform, offer new routes to market and a trove of other benefits. 5 Seventy-four percent of respondents agree as a service will become the leading deployment and delivery mode in the future. Cloud-based delivery models are popular: 49% of respondents' banks source software-as-a-service (SaaS) capabilities for their own products and services, and 52% already offer their capabilities to third parties, enabling new revenue streams. Pioneers are most advanced when it comes to offer "buy now, pay later" (BNPL), auto lending, insurance, and account servicing capabilities to third parties via SaaS. BANKS DOUBLE DOWN ON THEIR CORE PRIORITIES WHILE ENSURING BUSINESS CONTINUITY Although circumstances have changed dramatically, banks' critical components of success prevail as their top priorities from 2021 remain the same this year: ensuring security and providing a consistent digital experience (see Figure 3). However, banks only have a short window to take action to navigate macroeconomic uncertainty. In addition to their top priorities from last year, banks are lining up more immediate imperatives to ensure business continuity. Decision-makers tell us they're working to increase operational business resilience (30%), as well as localizing (30%) and diversifying their supply chains (22%). Resilience alone is not enough to future-proof a business. Banks are simultaneously prioritizing the creation of new revenue streams, such as by improving their environmental sustainability (32%), establishing strategies for cryptocurrencies (30%), and supporting the financial well-being of customers (30%). THE FUTURE OF DIGITAL BANKING, REVISITED 8