Bankers’ Top Technology Priorities for 2023 Financial institutions must strategically choose where to use their limited technology resources to ensure they meet the demands of a tech-savvy population. This year’s results revealed where surveyed bankers plan to deploy their valuable dollars. • Digital account opening: Like the results from 2021 and 2022, digital account opening topped the list of bankers’ technology priorities at 55%. The continued push for improved digital account opening and digital lending reflects an environment in which many non-traditional institutions have created a seamless digital experience for customers. In today’s digital-first world, customers expect a world-class experience when opening a new account — making a customer-centric approach to digital account opening a priority for all institutions. • Data analytics and reporting: Bankers are also aware of the capability of data and analytics to inform their strategic investments, with 47% prioritizing this technology. Only 29% of bankers selected reporting as a priority in 2022, suggesting that data will be increasingly leveraged for decision-making in the coming year. • Digital lending: 41% of bankers favor digital lending, and this technology has secured the third ranking for the past three years. In addition to improving the overall user experience and enabling quick loan origination, digital lending services improve efficiency, ease compliance and support efforts to use business intelligence and analytics. • Customer relationship management (CRM): While only 34% of respondents chose CRM as a technology priority, banks shouldn’t overlook how an effective CRM empowers them to meet customer needs. As institutions expand their digital presence, it’s imperative for them to maintain their sense of community and customer familiarity. An integrated CRM provides the means to build and maintain a strong connection with individual customers who previously relied on face‑to‑face interaction. Further, a truly integrated CRM does the same thing for the increasing universe of digital-first customers. Revealing the Greatest Cybersecurity Concerns As a prime component of our country’s critical infrastructure, financial institutions are targets of cyberattacks perpetrated by criminal and state-sponsored hacking organizations. Because of this, cybersecurity concerns continue to loom large for bankers. Bankers selected P2P or other digital fraud (29%) and data breaches (23%) as the top threats for 2023. As the risk of P2P or other digital fraud grows, fraud detection systems built with artificial intelligence (AI) represent a significant opportunity for banks. Using fraud systems with AI allows banks to identify incidents of fraud in real-time and expedite the investigation. While the financial services industry has made great strides in shoring up security measures to combat cyber criminals, security-minded consumers who follow best practices help mitigate risk and strengthen protection. Cybersecurity training is another strategy to prioritize, as banks benefit significantly from an informed customer base. Want the Full Results of the 2023 Banking Priorities Survey? As your bank navigates the changing technology landscape, explore the results of the 2023 Banking Priorities Survey by visiting www.csiweb.com/bp23. The CSI survey explored the challenges facing bankers this year, asking respondents to identify which issue will have the greatest influence on the industry in 2023. NICBONLINE.COM 17
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