The future of digital banking, revisited: executive summary

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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 What passed for "good" last year is now superseded by digital innovations and experiences that continue to raise the bar.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.

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