There is no doubt that 2022 was a turbulent year for the global economy,
driven by a range of factors that include the ongoing war in Ukraine,
a supply chain crunch and an energy crisis that combined to push up
inflation to record levels and resulted in a cost-of-living crisis.
According to our annual global banking survey of nearly 800
senior decision makers, banks are bracing for tougher
economic conditions this year by cutting costs, reducing
head counts, boosting operational resilience, and prioritizing
the creation of new revenue streams.
To achieve this, almost two-thirds of banks (65%) will turn
to third parties rather than building homegrown solutions,
with investments feeding through to higher-tech vendors
with capabilities that can help banks attain their ecosystem
ambitions, as challenges become more acute.
Meanwhile, almost all respondents to the survey, conducted
with research consultancy Forrester, plan to invest in
features that support ecosystem development, such as
open banking compliance (94%) and data exchange with third
parties (93%).
In this white paper, we
look at 7 key trends
that are expected to
shape the digital and
open banking sector in
2023, and how
banks and financial
institutions can
leverage them to
future-proof their
business models..
Tougher economic conditions lead
banks to :
• Grow their ecosystems by partnering
with third parties
• Support ecosystem development by
investing in :
» Open banking compliance
» Data exchange with third parties
7 key trends
that will shape digital and
open banking in 2023
I N A N U T S H E L L