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What will be the Top Banking Priorities of 2020?

  • by Computer Services, Inc.
  • Nov 14, 2019

Each year, CSI polls banking executives at U.S. financial institutions across the country to uncover the strategies, trends and issues they believe will most affect the financial sector.  

The data we receive from this survey reveals what’s on the minds of bankers across the country. Here’s what we learned last year:

Customer Acquisition

The battle for new customers is fierce. How are banks stepping up to the fight?

  • 71% of bankers identified new customer acquisition as a major tactic toward reaching their revenue goals
  • 44% of bankers are adding self-service options like online account opening
  • 32% will implement automated customer onboarding

Digital Banking

Technology rockets forward at a break-neck pace. Is your institution keeping up with industry peers?

  • About 3 in 4 banks plan to offer P2P by the end of 2019
  • 72% of bankers are expanding digital channels to improve the customer experience
  • Bankers gave their mobile banking app a confident 4 out of 5 rating

Cybersecurity

Cybersecurity is a constant and evolving threat, but banks are fighting the good fight. 

  • Nearly half (44%) of bankers say cybersecurity is the number one issue affecting the financial industry today
  • 79% of banks will use social engineering/penetration testing to fortify their defenses in 2019
  • 72% of bankers said they will spend up to 20% of their entire budget on cybersecurity

Regulatory Compliance

Maintaining regulatory requirements in 2019 will require constant education, strategic planning and a dash of foresight.

  • More than 75% of banks are spending up to 20% of their budgets on regulatory compliance 
  • Most banks (nearly 75%) will spend up to 40% of their budget on compliance and cybersecurity
  • 16% of respondents think the Regulatory Relief Act will most affect the financial industry in 2019

Lending

Lending lies at the core of bankers’ revenue and new customer acquisition strategies.

  • Nearly 90% of bankers service small-business customers through commercial lending
  • 40% of bankers identified loans as the most important channel for attracting new customers
  • 10% of respondents say loan growth will be key in reaching new customers