Digital Banking Experience Report:
Transform your bank in 2023

Banks' digital maturity & priorities alongside customer expectations


In October 2022, Sopra Steria, in partnership with Ipsos and Forrester, unveiled the results of its annual Digital Banking Experience (DBX) report. For the second year in a row, this report assesses the digital maturity of banks and their ability to keep pace with their customers' new expectations.
The analysis is based on a cross-section of banks' (792 banking sector decision-makers surveyed by Forrester in 50 countries) and consumers' perceptions (12,500 customers surveyed by Ipsos in 14 countries). 

Following on from 2021, banks are facing accelerating change. They are under pressure, consolidating their digital transformation in a macroeconomic context. Our report highlights the obstacles in their path toward digital maturity, and banks' confidence in their ability to overcome these obstacles. Among the major challenges for 2023, we have identified the ability to collaborate with the financial services ecosystem, agility in organizations and processes, and maintaining an unstable balance between operational resilience and innovation capacity. 

The consumer view also suggests a gap to be bridged between the priorities set by banks and the expectations of their customers, which are changing at a rapid pace. 


Key findings of the Digital Banking Experience 2022

Customers mixed on their bank's value proposition

Only 26% of customers say they are completely satisfied with the level of personalisation offered by digital tools, and 29% deplore banks' ability to listen to them on entire channels.

Hyper-connectivity calls for hyper-personalisation 

Only 25% of customers say that they contact their adviser as their first means of communication.
A total 67% of respondents said they were tempted by AI-assisted account management. 

Security: a new lever of value

As a result of the increased use of digital tools, cybersecurity is a growing concern shared by both banks and their customers. More than one in four customers have suffered an attempt to hack into their bank account or to steal their identity.
Banks must accelerate their digital transformation to meet their customers' expectations for new services. Technology and data analysis are key levers that banks can activate to differentiate themselves while ensuring control of the regulatory framework.

Laurence Niclosse

Director of Customer Experience for Banks at Sopra Steria Next

The environment: new criteria for choosing banking services

Nearly one in four customers say that fighting global warming is a key issue, and 55% of them even say that this is becoming more important than investment profitability.

Contrasting digital transformation trends for banks

Between 2021 and 2022, the proportion of banks that fall into the lowest category in terms of digital maturity rose by 32%.

Priorities for accelerating transformation

94% believe that "Software as a Service" (SaaS) will become the main deployment model in the future. 95% of these same banks will rely on collaborative business models.

The use of data and emerging technologies is also a pressing issue among banks.

To face the future, banks must rethink the way they work and focus on creating value by offering adapted services accessible from service platforms.

Jean Carpentier

Director of Banking Consulting at Sopra Steria

Download the report

 

Today’s bank finds itself in something of a paradox. It strives to maintain touchpoints with customers, while also preparing for a future in which it is invisible – disintermediated from the end-customer. 

Our extensive research shows that playing both sides may well be the wisest course of action. In the ever-changing paradigm of digitisation, there is still plenty of ground to be won when it comes to end-customers. However, competition is fierce, and consumers are open to the idea of engaging with non-banks, such as fintechs and Big Tech, for financial services. 

By increasing investment in data interoperability, as well as around key consumer-facing banking initiatives, today’s bank is preparing to maintain contact with end customers, while also positioning itself as support for non-banks entering the financial services ecosystem. From the bank’s point of view, it will ideally serve both sides.


Want to learn more?

Discover all the findings in the report

 

Press release