Pub. 17 2020 Issue 4

20 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 N E W M E X I C O R E A L I Z E D R E A M S HOW ARE BANKING STRATEGIES EVOLVING IN 2021? By Shane Ferrell, CSI T o understand how bankers will prioritize their digital strategies in light of the tumultuous year that was 2020, CSI — a leading provider of fintech and regtech solutions — polled banking executives from around the country, representing 272 finan - cial institutions from across the asset-size spectrum. This survey data was then collected and used to create an executive report to help bankers gain insight into the industry’s hottest topics and strategies. What Did Bankers Have to Say? It’s hardly surprising that, when asked about the future of the industry in CSI’s 2021 Banking Priorities Executive Report, digital transformation thematically unified every priority. While taking stock of their 2020 performance and assessing the year ahead, banking executives almost unan - imously agreed: Digital use will likely not return to pre- COVID levels. Bankers began the survey by reflecting upon the past year with this question: please rate your bank’s response to the COVID-19 pandemic in the following areas on a scale of 1 to 5, with five being the highest. • In CSI’s survey, 97% of bankers acknowledged an irrevo- cable change in consumer behavior when asked whether they expected digital channel use to increase at their institution even after the virus stabilizes. • Bankers gave themselves good scores in two areas related to their pandemic response: maintaining in-branch safety (4.3/5) and Paycheck Protection Program (PPP) Loan Disbursement (4.3/5). • However, bankers identified key areas for improvement, including transitioning to digital channels (3.8/5) and managing a remote workforce (3.7/5). The takeaways? To facilitate seamless transitions to digi- tal, institutions must better understand digital channels and how customers want to use them. And as bankers navigate the challenges of the pandemic and manage remote workforces, a cybersecurity debriefing should be conducted to identify all the challenge areas. Reviewing internal controls to ensure all net - works, devices, accounts and systems are adequately patched will also enhance cybersecurity for remote workforces. Addressing the Top Challenges for 2021 The CSI survey also explored the challenges facing bankers this year, asking respondents to identify which one issue will most affect the financial industry in 2021. • Over one-third of bankers (34%) identified cybersecurity as the top industry issue in 2021. As institutions face this evolving threat, cybersecurity frameworks, such as the CIS Controls, help identify strengths and weaknesses to ensure budget dollars are effectively allocated. Beyond