Master Ecosystems To Be Future-Ready In Banking

Digital banking experience report by

What are the current priorities and future trends of the banking sector in terms of innovation & digital transformation?

Banking in the future will be invisible, connected, insights driven, and purposeful — and keeping pace will require rapid transformation. Leading banks harness success from their digital transformation, while others struggle to execute a coherent strategy.

Empowered digital consumers continue to increase their demands, making customer experience (CX) a critical success factor in banking. Business models are shifting, too, with open banking and open finance promising to reshape financial services over the coming decade. To navigate these forces, banks must pivot towards an ecosystem-based operating model with strong, trusted partnerships.

In June 2021, Sopra Steria commissioned Forrester Consulting to evaluate banks’ strategic focus and future-readiness in digital banking and ecosystems. To explore this topic, Forrester conducted an online survey with 760 decision-makers at banks globally and conducted 10 interviews with decision-makers at companies partnering with banks to enrich or offer new products/services, provide distribution channels, or increase reach of target customers.

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The study reveals the imperative need to maintain a level of customer satisfaction that meets the standards of digital leaders. This need must be maintained in a dynamic of innovation applied to growth. Open banking, as well as all the levers on data and artificial intelligence, are bringing out regulatory and security key issues,

Nicolas Aidoud, Group Executive Head of Financial Services at Sopra Steria.

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72%

of financial institution executives rank their ability to innovate as their top priority.

85%

of financial institution executives are planning to invest in emerging technologies. The IoT, Artificial Intelligence and data security are perceived as the next big advances for traditional banks.

72%

of financial institution executives rank Open Banking as a priority and agree that they cannot do it alone and rely on their partner ecosystem.