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%).

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