To find out how bankers will confront challenges associated with a changing technology landscape, artificial intelligence (AI), cybersecurity, financial crimes and more, CSI surveyed banking executives from across the nation about their strategies and priorities for 2024. We highlight the results of this survey in an interactive executive report and dive into the challenges and emerging opportunities in our industry. This article explores the issues bankers selected as most likely to affect the industry in 2024, along with top technology trends. TOP INDUSTRY ISSUES FOR BANKERS IN 2024 CSI’s survey explored the challenges facing bankers, asking respondents to identify which issue will have the greatest influence on the industry in 2024. Here are the issues bankers identified as their top concerns in the coming year: • Responding to High Interest Rates: Bankers indicated that continued high interest rates will affect the industry most, with 35% of respondents choosing this issue. To cope with this environment, 50% of respondents are offering competitive interest rates on deposits, and 46% plan to shift their investment strategy. Banks must evaluate the opportunities in their existing market and portfolio to offset decreased interest revenue. To find investments with a higher yield, like loans with variable interest rates, some institutions have also begun seeking new interest income opportunities (48%) and diversifying portfolios through resources like lending marketplaces. • Fighting Fraud: Coming in second, fraud was identified by 30% of respondents as the most pressing issue. Specifically, over four in 10 banks identified card fraud (45%) and wire transfer fraud (42%) as the foremost challenges. Fraud remains an ever-present threat, with the Federal Trade Commission estimating $8.8 billion in stolen funds throughout 2022. And the acceleration of AI is only increasing criminals’ ability to execute fraud. Keeping up with changing regulations and investing in the right technology is WHAT ARE BANKERS’ TOP PRIORITIES FOR 2024? By Allison Maddock Chief Product Officer, CSI, ICBC Associate Member 14 | INDEPENDENT REPORT
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