experience for customers. In today’s digital-first world, customers expect a world-class experience when opening a new account – making a customercentric 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 investigations. While the financial services industry has made great strides in shoring up security measures to combat cybercriminals, 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 scanning the QR code for insight on the latest strategies and trends relating to modern banking, cybersecurity, compliance and more. Shane Ferrell is Vice President of Product Strategy at CSI. https://csi.foleon.com/bp-2023-doc/bp23/?utm_ source=association&utm_medium=article&utm_ campaign=wp_fy23_01_bankingpriorities2023 19 wvbankers.org
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