Pub. 7 2017-2018 Issue 3

12 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S As a f intech f irm, we are always interested in what technologies banks are investing in. Recently, we surveyed financial institutions aboutwhere theyallocatebudgetary resources for technology.Below we share some of the key findings. • Current Priorities. When asked what area of technology they are allocating the most budgetary resources to, banks ranked infor- mation security (36%) and online/mobile banking (36%) as the two top priorities by a wide margin. Data management/data mining and regulatory technology lagged behind. At the bottom of the list were fraud detection (5%),marketing/customer outreach (4%), and automatic underwriting/online lending (3%). • Investing Ahead. Given the growing threat of hackers and concern about online security and privacy, it’s not surprising that banks are shifting their technology investments to some degree. When asked whether they expected their investment in technology to change over the next two years, banks listed fraud detec- tion (78%) and information security (77%) as their top priorities for significant or moderate increases in funding. The listing of fraud de- tection as a major target for investment going forward signals an important shift for some Banking on Technology FEATURE ARTICLE BY GLENN MARTIN REGIONAL DIRECTOR PROMONTORY INTERFINANCIAL NETWORK Given the growing threat of hackers and concern about online security and privacy, it’s not surprising that banks are shifting their technology investments to some degree.