Pub. 1 2021 Issue 2

32 | The Show-Me Banker Magazine To understand how bankers will prioritize their digital strategies in light of the tumultuous year that was 2020, CSI — a leading pro- vider of fintech and regtech solutions — polled banking executives from around the country, representing 272 financial institutions from across the asset-size spectrum. This survey data was then col- lected 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 unanimously 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 5 being the highest. • In CSI’s survey, 97% of bankers acknowledged an irrevocable change in consumer behavior when asked whether they ex- pected 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 Dis- bursement (4.3/5). • However, bankers identified key areas for improvement as well, including transitioning to digital channels (3.8/5) and managing a remote workforce (3.7/5). The takeaways? To facilitate seamless transitions to digital, institu- tions must better understand digital channels and how customers How Are Banking Strategies Evolving in 2021? By Shane Ferrell, CSI