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Press Release  |  Jan. 26, 2022

Banking Priorities Survey Highlights Workforce and Cybersecurity as Top Two Concerns for 2022

PADUCAH, KY., Jan. 26, 2022 – Research released today from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, suggests that bank executives are highly focused on recruiting and retaining talent; as well as fighting cybercrime.  Bankers ranked cybersecurity threats (26 percent of respondents) and recruiting/retaining employees (21% of respondents) as the top issues from the company’s seventh annual Banking Priorities Survey, which collected responses from 279 U.S. banking executives.

The report also explores attitudes about other major areas of concern, such as compliance and meeting customer expectations, but surprisingly, even with 82 percent of bankers reporting an increase in digital channel usage over the last year, most bankers expressed a decline in confidence in their own digital transformation initiatives.

To enhance their customers’ experience, banks plan to prioritize digital account opening (51% of respondents), customer relationship management (43% of respondents), and digital lending (36% of respondents) in the upcoming year.

“As the landscape of the financial industry continues to evolve, bank executives must shift their mindsets from digital transformation to digital maturity,” said David Culbertson, CSI president and CEO. “Customer expectations are pushing the bar for bankers. By partnering with a technology provider like CSI, banks can proactively respond to emerging opportunities and risks while remaining compliant in the process.”

This year’s research reveals how bank executives across the nation perceive their performance against the evolving landscape of the finance industry. In addition to the top two trends, bank leaders reported that open banking will grow in importance, along with a continued focus on meeting customer expectations, particularly as it relates to digital transformation.

Although bankers gave themselves a rating of 4.0/5 on compliance readiness, regulatory changes remain top of mind, with 14 percent of respondents reporting it as their main area of focus. Considering the new administration, renewed regulatory focus and upcoming requirements, bankers ranked data privacy (39 percent of respondents) and CECL (20 percent of respondents) as the most important issues to their institution.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers core processing, digital banking, managed cybersecurity, cybersecurity compliance, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes 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 IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. In addition, CSI’s record of increasing its dividend each year for 49 years has earned it a designation of one of the financial media’s “Dividend Aristocrats.” CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit csiweb.com.

 

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