Customer acquisition, digital banking, cybersecurity, regulatory compliance and lending are the five key strategic focus and spending in the year to come, according to Computer Services Inc.’s “Banking Priorities Executive Report 2019.” The report, which surveyed 220 bankers across the nation, uncovers strategies, trends and issues financial institutions consider the most significant in the coming months.
The report found that nearly 80 percent of bankers are confident in their institution’s mobile app and digital offerings. This correlates with a recent CSI consumer poll, which found that 86 percent of all Americans are happy with their banks’ current digital banking tools. Conversely, according to the latest executive banking report, nearly 60 percent of bankers have self-diagnosed social media as a weakness. Yet, according to the same consumer poll, almost half (47 percent) of Americans aged 18-34 think it’s important for their bank to be active on social media. This indicates banks should rethink their social media efforts and outreach to attract and retain — in particular — younger customers.
“As banks plan to expand their customer base, they must consider the impact of digital banking and the migration to self-service automation on every line of business,” said Steve Powless, CSI’s chairman and CEO. “Partnering with comprehensive financial technology companies … enables banks to develop strategies for maximizing customer growth and keeping ahad of competition from the largest international banks — as well as tech giants like Amazon and Google.”