Technology will be a defining factor in driving growth among financial institutions this year and all but a handful of banks plan will hike or maintain a steady investment in technology, according to an annual survey by Computer Services Inc. on banking priorities.
CSI also found through the survey that bank executives see loan growth and resulting interest income growth as one of the best opportunities for increased profitability in 2015.
The results of this year’s survey, based on the responses of more than 200 bank executives, also identify driving growth and profitability as one of the greatest challenges for financial institutions heading into 2015. In fact, the topic emerges throughout the survey, making it a prominent theme for the year.
• Strategic focus. 44.6% of respondents identify branch optimization as their strategic focus in 2015. Other areas of strategic focus include mobile check capture, EMV preparedness, and mobile banking adoption.
• Nontraditional serves can’t hurt. 75% surveyed believe that nontraditional services will have either a positive effect or no impact on profitability. With 39.2% of banks reporting that nontraditional services will have a positive impact on their profitability, banks seem to believe that they will have a greater opportunity to participate in such new technology as Apple Pay to better serve their customers.
• Spending going up. Today, bankers remain committed to investing in technology products and services, with a majority of respondents—65.1%—planning to increase their investment in technology versus only 0.5% planning to decrease their investment.
Download CSI’s “2015 Banking Priorities Survey” [Registration required]