2023 Forecast
Increasingly Cloud-Based with a Chance of Disruption
We invite you to click through our interactive report to explore what bankers said, coupled with analysis from CSI’s Fintexperts and pointers for financial institutions’ success throughout 2023. All percentages are rounded to the nearest full percent.
As the United States embraced the “new normal” of 2022, the financial services industry saw continued innovation and disruption. Consumers expect the latest financial technologies, making digital banking and flexibility table stakes. Meanwhile, the rise of open banking, cloud services, enhanced cybersecurity and new regulatory concerns broaden the areas of focus financial institutions must consider. But these complications also represent a tremendous opportunity for those that adapt.
This year’s Banking Priorities Survey reflected both familiar challenges and emerging opportunities while revealing the strategies community institutions are deploying to stay competitive. While those strategies vary as much as each organization’s unique business needs, they also indicate a common theme. Institutions see an imperative to continue digital evolution and strengthen their most distinct competitive advantage—customer relationships.
“In the current environment, community banks are faced with a change or perish moment that is becoming crystal clear to all of us.”
Source: Survey Participant
About CSI’s 2023 Banking Priorities Survey
Every year, CSI surveys financial institutions across the country to gauge their confidence, strategies to gain market share and priorities for the year to come. This annual research initiative aims to inform bankers of their peers’ approaches to staying competitive and equip them with expert guidance.
As with previous years, the eighth annual Banking Priorities survey asked bank representatives to take stock of their performance across various categories and select the technologies they expect to drive the financial sector in 2023. This year’s research also incorporates new elements, including questions surrounding emergent technologies as well as quotes from respondents.
Community bankers, representing the backbone of the traditional U.S. banking system, made up the bulk of the 228 responses, with asset sizes and roles distributed as follows:
Institution Asset Size
Less than $100M
$100M - $250M
$250M - $500M
$500M - $1B
Greater than $1B
Role of Respondent
C-Level Executive
Senior Vice President
Vice President
Director
Manager
Other