Technology will be a defining factor in driving growth among financial institutions this year. Bank executives see loan growth and interest income growth as one of the best opportunities for increased profitability in 2015.
A new survey by Computer Services also found technology will be a defining factor in the industry, as financial institutions adopt new platforms and make plans to enhance their mobile and omnichannel banking opportunities.
Key survey highlights include:
• The majority of respondents, 44.6 percent, identify branch optimization as their strategic focus in 2015. Other areas of strategic focus include mobile check capture, EMV preparedness and mobile banking adoption.
• Seventy-five percent of those surveyed believe that non-traditional services will have either a positive effect or no impact on profitability. With 39.2 percent of banks reporting that non-traditional 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.
• Today, bankers remain committed to investing in technology products and services, with a vast majority of respondents, 65.1 percent, planning to increase their investment in technology versus only 0.5 percent planning to decrease their investment.
A free copy of the survey report can be found at www.csiweb.com/priorities 2015.