Bankers Look Ahead to 2024
Community Banks Pursue Opportunities for a Bright Future
In 2023, the U.S. financial services sector weathered yet another tumultuous year. High consumer spending continued despite persistent inflation and rising interest rates over four quarters. Larger banks invested heavily in digital sales and self-service, and the public collapse of regional institutions led some consumers to switch allegiances. And while navigating the hypercompetitive market didn’t get easier, community banks continued to find ways to compete with national players.
Responses to the 2024 Banking Priorities Executive Survey reflect those nuances, as community bankers shared their concerns, planned investments and strategies to grow and retain customers. Although their challenges and tactics remain familiar, their responses convey an inherent optimism for the future. With more accessible instant payments and innovative technologies like generative AI and open banking, there’s an underlying opportunity to differentiate, deepen personal relationships and become more efficient.
About CSI’s 2024 Banking Priorities Survey
Each year, CSI conducts a national survey of community financial institutions, delving into their overall outlook, market share strategies and upcoming technological priorities. This annual research initiative sheds light on bankers’ approaches to staying competitive and offers expert guidance around those plans.
Independent research firm CITE Research administered the ninth iteration of the survey, distributing it to community bankers across the United States throughout November 2023. 250 bankers at manager level or above responded, strategically dispersed across these demographics:
Institution Asset Size
$100M - $250M
$250.1M - $500M
$500.1M - $1B
$1.1B - $5B
$5.1B - $10B
Role of Respondent
C-Level Executive
Senior Vice President
Vice President
Director
Manager
Dive into the interactive report to explore their responses, enriched with analyses and insight from industry experts. All percentages are rounded to the nearest whole percentage point with an estimated margin of error of just slightly over 6%.