Banking Priorities Study 2017: More Than Half of Bankers Expect to Increase Spending on Customer Experience Initiatives
PADUCAH, Ky., Jan. 24, 2017 - Heading into 2017, customer experience will be a high priority among financial institutions, according to Computer Services, Inc.’s (CSI) (OTCQX: CSVI) annual banking priorities survey. More than half of the respondents (55 percent) plan to increase spending on customer experience initiatives in 2017, and nearly half (47 percent) cited using omnichannel technologies to attract new customers as their top opportunity.
This year, CSI, a provider of end-to-end financial technology solutions, surveyed more than 160 bank executives on the top obstacles, opportunities and priorities facing their institutions. While several topics emerged through the survey, respondents indicated banks would be placing a heavy emphasis on customer experience initiatives this year.
“In a crowded marketplace, financial institutions must prove their value to the customer, which includes offering service experiences on par with other providers, especially those outside the banking industry,” said Steve Powless, chief executive officer for CSI. “Banks must deliver services that allow customers to access financial services where and how they want, which means they will need to focus more of their attention and investments on technologies that directly affect the consumer.”
Key survey highlights related to enhancing the customer experience include:
- When asked to name the areas in which they expect to increase spending in 2017, 55 percent of respondents noted customer experience initiatives, which trailed only cybersecurity risk (57 percent) and information technology (56 percent).
- When asked which omnichannel strategies are the most important, respondents ranked implementing a customer relationship management (CRM) solution first.
- Respondents specified the greatest anticipated strategies to enhance the customer experience are digital banking enhancements at 41 percent, CRM utilization at 12 percent and omnichannel at 10 percent.
“As financial institutions begin planning in the new year, boosting profitability and identifying areas of growth have never been more important,” Powless said. “Using CSI’s 2017 Banking Priorities Study as a guide, financial institutions can better identify the opportunities and challenges affecting the industry as a whole, and they can use that data to assist them in reaching their unique goals and sustaining ongoing success.”
The full survey results and detailed analysis are available in CSI’s Executive Report: 2017 Banking Priorities Study, which is available for download here.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, regulatory compliance and treasury management 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 Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.