Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, has released the findings from its sixth annual Banking Priorities Survey, its most extensive to date. CSI gathered survey responses from a record-setting 272 U.S. banking executives from across the asset-size spectrum to identify the most pressing issues facing the industry this year. The data was then used to compile the 2021 Banking Priorities Executive Report.
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In the wake of the COVID-19 pandemic, this year’s research confirms that digital prioritization continues to accelerate. Also, according to the survey data, bankers perceive cybersecurity threats (34% of respondents) and meeting customer expectations (19% of respondents) as the issues that will most influence the industry in 2021.
Investing in technologies followed suit, as bankers across the country cited digital account opening (59%), mobile banking apps (45%) and customer relationship management (43%) as their highest priorities. But while 43% of bankers said they will enhance or optimize current digital channels to increase market share, they graded themselves only 2.8/5 for collecting and utilizing data – an essential component of successful digital transformation.
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“Digital prioritization is creating opportunities to accelerate growth and elevate the customer experience,” said Steve Powless, CSI’s Chairman and CEO. “More than ever, strategic digital transformation is the key for institutions to grow, compete and remain vibrant, thriving leaders in their communities.”
In addition, although bankers gave themselves a solid rating of 4.1/5 on compliance readiness, regulatory change remains top of mind, with 17% of respondents reporting it as their highest concern for 2021. And industry angst still revolves around the threat of cyberattacks, with 80% of bankers identifying some form of social engineering as the top cybersecurity threat. According to the data, almost 85% of institutions plan to utilize cybersecurity training to combat cybercriminals in this area.
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