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 after-effects 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 What passed for "good" last year is now superseded by digital innovations and experiences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.
Working with our parent company, Sopra Steria, and Forrester Consulting, we set about evaluating
banks' strategic focus and future-readiness in digital banking. (This paper is the second installment
of the annual benchmark, following on from 2021's report, Master ecosystems to be future-ready in
banking.) Together, we 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.
o read and download the full report, click here.
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
ith a looming downturn, future-proofing business models is an even stronger imperative
for banks. A third of 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 having to cut back on budgets
and headcounts.
