Pub. 17 2020 Issue 4

Issue 4 • 2020 21 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 basic cyber hygiene, a robust framework should in- clude due diligence on third-party service providers’ cybersecurity controls and appropriate safety mecha- nisms like biometrics to protect customers. • As more consumers use digital channels, nearly 20% of bankers rank meeting customer expectations as the top issue this year. Customers increasingly demand seamless experiences, but prioritizing new technol - ogies and striving to balance digital with the human element creates a dilemma for institutions. While embracing the appropriate technologies is essential, ef- fective digital transformation requires a strategic view of immediate customer demand. The right data lever- aged from a robust CRM tool can better inform you of products and services matched to consumer needs. • With regulatory agencies struggling to keep pace with changing technologies, 17% of bankers name regulato- ry change as the top issue. Data privacy and BSA/AML modernization are among the highest priorities in the realm of regulatory compliance. Institutions must continue to foster a culture of compliance and a robust change management framework to keep their finger on the pulse of regulatory change. Evolving Strategies for Growth in 2021 Consumers — many of whom were reluctant to try digital channels — now demand digital offerings that are seamless, secure and convenient. Financial institutions need to leverage new and existing technology to meet these expectations if they want to retain customers and attract new ones. To grow market share, bankers will continue reframing their strategies to examine new customer segments, geo - graphic markets and product types. But without employing customer data to inform digital transformation strategies, an institution’s customer acquisition and retention could suffer. The established data must drive these strategies as they continue to evolve. According to CSI’s report, bankers prioritized the following technologies to meet the challeng- es above: • Digital Account Opening topped the list of technologi- cal advances for nearly 59% of executive respondents. Naturally, the pandemic drove many customers to fulfill financial needs digitally. Even when the need for digital channels has stabilized, customers’ desire to seamlessly open an account will remain. • Mobile Banking Apps followed closely behind digital account opening, with 44% of executives planning to prioritize this technology. Utilizing digital banking apps should incorporate an integrated design across all channels to deliver consistent functionality. Some customers are new to digital, so creating user-friendly processes for those late adopters is essential. • Digital Lending has exploded during the pandemic, with 43% of executives reporting this feature as one To grow market share, bankers will continue reframing their strategies to examine new customer segments, geographic markets and product types. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. ©2021 CliftonLarsonAllen LLP CLAconnect.com Albuquerque, 505-842-8290 Create Opportunities Atkinson & Company team members have joined CLA. WEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTING of the highest technological priorities. As the economic slowdown met high borrower expectations, digital lending became an essential component of a digital banking strategy. • Customer Relationship Management (CRM) tied with digital lending among bankers’ priorities for 2021. Better utilization of CRM to capture existing customer data empowers banks to meet customers’ needs through existing channels, such as digital account opening and mobile banking apps. Download the Full Executive Report Get a comprehensive breakdown of the survey data — includ - ing insight on digital transformation, cybersecurity, compliance and more — by downloading the 2021 Banking Priorities Execu - tive Report. n Shane Ferrell is Vice President of Product Strategy at CSI.