Research published by Consumer Services (CSI) reveals increasing threats among bank executives in hiring new talent and facing cybercrime threats as a challenge. The survey received 279 executive responses from the banking sector nationwide, bankers listed cybersecurity dangers (26%) and hiring employees (21%) as the top problems in 2022.
The survey results, suggesting respondents from different bank asset sizes, provide an alternate look into how these organizations tackle concerning issues like compliance, technological innovations, and customer expectations.
For example, to improve user experience and increase market shares, banks are promoting the use of digital tools, like account opening (51% responses), customer relationship management (43% responses), and digital loans (36% respondents).
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Customers have raised the bar in expectations from banks, and the latter should respond accordingly, says David Culbertson, CSI president, and CEO. The data is paired with banks' aspirations to improve digital tools, the banking industry is moving towards a digital-first mindset and aiming for digital advancement. Interestingly, bank leaders also aspire to open banking for growth, particularly for digital progress.
The latest research suggests how banking institutes measure their personal growth in the rising digital landscape scenario. "For example, although executives on average rated their institutions a healthy 4/5 on compliance readiness, regulatory changes remain top of mind, with 14% of respondents naming it their primary concern.," reports HelpNet Security.
Keeping the new administration in mind, bankers have mentioned "data privacy" (39% responses) and CECL (20% responses) as the most needed measures for banking institutions. "The continuation of remote work will make this a critical component, along with new asset types such as cryptocurrencies being adopted, and increasing privacy regulations.
On the other hand, ransomware is expected to remain a challenge alongside a bigger looming threat from quantum computing, which holds the potential to defeat modern encryption systems," reports HelpNet Security.
