outlined in the executive report, bankers should continue to stay on top of data privacy. Beyond GDPR, more states are adding privacy regulations, and institutions must take a holistic approach to data privacy, including biometric data. Additionally, banks must realize that come 2023, there are no more what-ifs regarding CECL. If you aren’t already doing so, running your CECL platform parallel to your ALLL platform helps you make strategic decisions about which CECL solution is best for your institution and how it will affect your capital. 4. Meeting Customer Expectations Meeting customer expectations fell to fourth in bankers’ priorities this year, but that doesn’t mean this issue is any less important. Digital is now the primary way many customers interact with your bank, and that trend will continue. Even if you’re not interacting with customers at your branch at all, you should be able to promote the right products and deepen customer relationships. Digitalizing the customer experience and backend processes make serving customers far simpler. If you’re optimizing existing digital solutions or determining gaps in the populations you serve, data makes all the difference. Whether by CRM or other data and analytics dashboards, analyzing customer behavioral data helps you make informed decisions relating to which markets your bank is serving well and what changes you need to make. 5. The Rise of APIs and Open Banking Open banking APIs are on the minds of financial institutions everywhere as a base technology that enables such game-changes as banking as a service (BaaS), platform banking and embedded banking. It’s a simple idea — using open APIs enables third-party developers to build applications and services around your institution. Open banking APIs offer a host of benefits, including optimization of existing systems, integration with new technologies and opening new revenue streams through platform banking. Further, open banking rounds all banking data and capabilities to give a complete view of customers, driving efficiency and enabling better tools. This includes digital banking, connectivity, workflow integration and even payments. Get a Comprehensive Look at Bankers’ Top Priorities for 2022 Download the 2022 Banking Priorities Executive Report to unpack the complete survey results — including bankers’ insight on their past performance and technological investments — and receive strategic recommendations for the year ahead. Shane Ferrell is vice president of Product Strategy at CSI. Your bank should actively seek out new talent while supporting remote work when appropriate to combat these trends. As the talent pool becomes increasingly competitive, consider utilizing trusted ‘as-a-service’ product offerings and outsourced expertise. March • April 2022 21
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