PADUCAH, Ky. (May 17, 2013) — To ensure the continued success of their businesses, financial institutions of all sizes establish top priorities to help maintain positive growth and revenue each year.
Computer Services, Inc. (CSI), a provider of end-to-end technology solutions that help financial institutions to remain competitive, compliant and profitable, partnered with cbanc Network to provide financial institutions with their second annual executive level view of the challenges, opportunities and goals facing the industry today.
The results of this year’s banking study identified compliance and loan growth as areas with the most significant challenges, but respondents also pointed to loan growth as the top area of opportunity for banks this year.
With the help of cbanc Network and its members, CSI surveyed more than 200 C-level professionals, including executive, operations, compliance, information and security officers, on a wide range of industry-related questions to procure this year’s results. The data collected from the survey can play a key role in helping institutions successfully define annual strategies, as well as better understand where their strategies fit within the larger context of the banking industry.
“As new trends emerge within the industry, we have made key adjustments to the focus of our annual banking priorities study in order to provide financial institutions with the most timely industry and economic insight possible,” said Steve Powless, chief executive officer for CSI. “While this year’s survey highlights ongoing challenges, the new goals and opportunities cited will potentially result in positive changes moving forward in the industry.”
Key survey highlights include:
♦ More than 57 percent of respondents highlight Dodd-Frank planning as the top compliance priority, up more than 10 percent since last year’s report. As new rules begin to take effect in 2014, this trend will likely remain a high area of concern for financial institutions nationwide.
♦ While 97 percent of executives polled cited plans to invest in technology in 2013, 51 percent reported plans to increase their investment in technology, pointing to mobile banking and payments and cloud as the top areas of importance.
♦ In addition, an emphasis on technology and organizational innovation also is reflected by the 85 percent of respondents who have already transitioned or are in the process of transitioning from paper to electronic statements and notices.
“As a provider of technology solutions tailored to meet the specific needs of financial institutions, we understand the importance of identifying the right set of priorities and investment strategies that will allow institutions to prosper,” Powless said. “CSI’s 2013 Annual Banking Priorities Study not only points to new challenges and areas of growth for financial institutions, but also reflects an overall feeling of optimism for the future of the financial industry.” A copy of the survey report and summary can be found here.