Leading Technology Initiatives
Financial institutions must make smart choices about where to use their limited technology resources. This will ensure they meet the demands of a population that collectively grows more tech-savvy by the minute. This year’s survey reveals where respondents plan to deploy these valuable dollars.
Determining the Top Three Technologies Institutions Will Prioritize
Heading into 2023, more bankers plan to focus on the following technologies than any others:
As with the last two years, digital account opening remains the top technology priority at 55%.
Data analytics and reporting is a bigger priority this year at 47% versus 29% last year.
Digital lending is favored by 41%, maintaining its number three spot for the third year.
More than a third of bankers will invest in the following technologies, all of which help institutions stay in touch with their customers in one way or another:
Mobile banking app
In-branch technologies
Customer relationship management
At present, fewer bankers plan to prioritize online chat or video bots (16%), financial wellness technologies (10%) or some “other” technology (11%).
Environmental Analysis
The continued push for improved digital account opening and digital lending reflects an environment in which many non-traditional institutions have created a seamless digital experience for customers. Bankers in our survey are acutely aware of the need to be at the top of their game at these critical gateways.
They are also aware of the capability of data and analytics to inform their strategic investments. A strong response in favor of reporting suggests an intensification of data utilization in the coming year.
In-branch technologies also rose in the ranks for 2023, a trend caused by increased foot traffic in branches and institutions’ efforts to attract talent by way of improving the workplace for frontline staff.
“Based on their self-assessments, surveyed bankers aren’t particularly satisfied with their performance in data analytics and reporting. So, it makes sense that they’ve elevated it as a priority to make bigger strides this year.”
Scott Hess, Head of Digital Banking and Strategy at CSI
Advisory Insight
As institutions expand their digital presence, they don’t want to lose their sense of community and customer familiarity. An integrated CRM provides the means to build and maintain a strong connection with individual customers who previously relied on in-person interaction. Further, a truly integrated CRM does the same thing for the increasing universe of digital-first customers.