When talking about industry collaboration overall, but moreover as 2023 debuted, banks and FIs looking to tackle digital transformation found themselves in the position to do so with the help of fintechs and other participants of the financial ecosystem in order to maintain their relevance.
A Sopra Banking Software (SBS) report entitled Digital Banking Experience (DBX) Report, issued in partnership with Forrester and IPSOS highlights that although traditional banks still hold most consumer accounts, 77% feel the pressure for fintech collaboration. The findings showcase that 76% believe fintech collaboration to bring forth opportunities that outweigh the threat, with the benefits cited including revenue growth, improved customer loyalty, decreased time to market, and better customer experience. Additionally, 65% of respondent banks confirmed…