PADUCAH, Ky., Jan. 19, 2016 - Moving into 2016, technology continues to serve as a leading factor in driving growth among financial institutions, according to an annual banking priorities survey from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions. For the second consecutive year, the CSI survey also uncovered that bank executives point to loan growth and interest income growth as leading opportunities for increasing profitability in 2016.
Based on responses from more than 100 bank executives, the results of this year’s survey highlight driving growth and profitability as one of the top challenges for financial institutions heading into 2016. However, while driving growth and profitability may remain the greatest challenge to today’s bankers, many are focused on digital banking initiatives, as there was an 8 percent increase in respondents who plan on enhancing mobile banking technology and omnichannel strategies this year.
“Each year, we strive to keep financial institutions up-to-date on the latest industry trends and economic insight with the help of our annual banking priorities study,” said Steve Powless, chief executive officer for CSI. “While some of the leading opportunities and challenges are consistent with our 2015 study, we are pleased to see new growth in other key areas, including mobile banking, omnichannel strategies, EMV implementation and integrated CRM software, as well as a continued dedication to customer service.”
Key survey highlights include:
- Community financial institutions plan to differentiate themselves through excellent customer service as their main tactic for attracting new deposit customers.
- The majority of respondents believe non-traditional services like mobile wallets will have a positive effect on profitability.
- Regarding institutions’ outlook on 2016 lending growth, the percentage expecting to increase lending this year dropped slightly to 69.4 percent from last year’s 73.1 percent.
- Respondents’ plans for technology investment are similar to last year, with 64.3 percent expecting to increase their related spending.
- The top three areas for which institutions plan to increase spending over the next 12 months are information technology, EMV implementation and regulatory compliance.
“As financial institutions move into the new year, establishing clearly defined goals and mapping out key strategies to boost profitability has never been more important,” Powless said. “With the help of CSI’s 2016 Banking Priorities Study, financial institutions can better identify the challenges and opportunities affecting the industry as a whole in order to help them succeed in reaching their unique goals and maintaining ongoing success.”
You may visit CSI’s website to download a free copy of its Executive Report: 2016 Banking Priorities Study.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company's inclusion in such top industry-wide rankings as the FinTech 100, Talkin' Cloud 100 and MSPmentor Top 501 Global Managed Services Provider List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.