CSI Resources

chess board

2015 Banking Priorities: Part 1, Opportunities and Challenges

  • by Steve DuPerrieu
  • Feb 12, 2015

What are your bank’s priorities in 2015? CSI asked more than 200 of your peers—most being vice presidents or higher—about anticipated opportunities and challenges, technology investments and goals for this year.

Their answers helped us create our Executive Report: 2015 Banking Priorities. This report is designed to help executives like you define annual strategies and accomplish goals based on trends among your peers.

Checking the Banking Forecast

As economic conditions continue to improve, so does the forecast for financial institutions in 2015. Deploying online and mobile banking with an omnichannel strategy is becoming both a recurring focus and an area of opportunity for financial institutions this year; however, banks overwhelmingly feel their greatest challenges of 2015 are driving growth and profitability. 

Identifying Your Biggest Areas of Opportunity

Consumers and small businesses alike are beginning to borrow again. That means to effectively compete for customers and capitalize on greater loan demand, banks must pair superior customer service with expanded technology to enhance the customer experience. 

Many programs, such as customer retention plans, attracting new business accounts and targeting younger customers, received mention as some bank executives’ biggest challenges. Tapping these customer-facing initiatives can help invite new deposits, drive interest income, improve loan growth and increase lending—all top goals [link part 3 when available] for bankers in our survey.

Addressing Additional Challenges  

Though much of the financial services industry is focused on growth and profitability, the fact remains that challenges like meeting security and regulatory compliance standards remain high priorities for most banks.

Correlating directly to driving interest income and loan growth, mortgage compliance is the number one compliance challenge for banks in 2015. And with new CFPB regulations (e.g., the TILA-RESPA Integrated Disclosure rule, otherwise known as Know Before You Owe, which is effective in August), banks are gearing up for this challenge.  

Mitigating a data breach is the top security concern among our respondents. Due to its high visibility in the media and recent publicized data breaches, including Target, Home Depot and PayPal, the threat of data breach has become more and more distressing.

In addition to data breaches, mobile device security is also a top concern. With a major focus on expanding and improving mobile banking capabilities, the fear of compromised devices is both an internal (employee access to networks) and external (mobile banking customers) concern.

Developing Comprehensive Strategy to Ensure a Promising 2015

Economic recovery means renewed borrowing, deposit growth and an overall positive outlook for financial institutions. Ensure your bank’s success in 2015 by taking a proactive approach in developing a comprehensive annual strategy to seize opportunities and address challenges.   

Check back next week for 2015 Banking Priorities: Part 2, Technology and Investments. We’ll explore what your peers are saying about the technology investments they plan to make during the year to tackle 2015’s opportunities and challenges.  

 

Steve DuPerrieu serves as director of product management for CSI NuPoint. In his role, Steve oversees the strategic direction of several products, including mobile and Internet banking.

 


 

 

FREE Webinar