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CSI’s Banking Priorities Executive Report 2020: digital strategies and open banking at the top of bankers’ minds
As the new year and a new decade begin, Computer Services, Inc. (CSI) (OTCQX: CSVI) has revealed the findings from its fifth annual Banking Priorities Executive Report.
CSI, a provider of end-to-end financial technology solutions, surveyed 227 U.S. banking executives from across the asset-size spectrum to identify the most pressing issues facing our industry as we head into 2020. This year’s research identified a clear pattern of digital prioritization, touching every category of the survey and spanning every asset size. The report also indicates that bankers perceive interest rate variability (41% of respondents) and application programming interfaces (APIs) and open banking (19%) as the issues that will most affect the industry in 2020.
While regulatory issues such as data privacy and BSA/AML modernization registered highly, bankers across the country cited investing in technology as a key priority, particularly as related to digital-only strategies. An overwhelming 96% of banks surveyed will either increase technology spending in 2020 or maintain their 2019 spending level. Within that majority, 64% will spend more.
“Banks are looking ahead to incorporate new digital strategies and new offerings that will not only keep them competitive this year, but also help them stay ahead of the curve for the next decade,” said Steve Powless, CSI’s chairman and CEO. “From investing in new technologies to implementing plans that minimize cybersecurity threats, banking executives have devised plans that help them better serve their customers and stand out from their competitors.”
In addition, while survey respondents indicated cybersecurity readiness as one of their strong suits, many pointed to social engineering (41%) as a major risk. Eight in 10 will use workforce education and awareness to combat this evolving security threat, while seven in 10 will rely on tech- centered methods like penetration testing and cybersecurity risk assessments.
To learn more about the strategies, budgets and technologies bankers plan to prioritize in 2020, download the executive report containing the full survey data and detailed analysis of the results here.