PADUCAH, KY. Jan. 26, 2022 – Research released today from Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, suggests growing concerns among bank executives around recruiting and retaining talent as well as fighting cybercrime threats. In the company’s seventh annual Banking Priorities Survey, which collected responses from 279 executives from financial institutions across the nation, bankers ranked cybersecurity threats (26% of respondents) and recruiting/retaining employees (21% of respondents) as their top issues in 2022.
The results of CSI’s largest survey yet, with respondents representing diverse bank asset sizes, also provide new insight into how institutions plan to approach pressing issues like compliance, customer expectations and technological innovation. For instance, to enhance customer experience and expand market share, banks plan to prioritize digital tools, especially account opening (51% of respondents), customer relationship management (43% of respondents) and digital lending (36% of respondents).
“Customer expectations are raising the bar and banks must proactively respond,” said David Culbertson, CSI president and CEO. “This data, paired with bankers’ intentions to hone existing digital tools, illustrates that as the financial landscape evolves, institutions are embracing a digital-first mindset and striving for digital maturity.”
Notably, bank leaders also expect open banking to grow in significance, particularly for digital transformation.
This year’s research also reveals how bank executives perceive their own performance against the evolving financial landscape. 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. Considering the new administration, renewed regulatory focus and upcoming requirements, bankers ranked data privacy (39% of respondents) and CECL (20% of respondents) as the most important regulatory issues to their institution.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, digital banking, managed cybersecurity, cybersecurity compliance, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the Company’s inclusion in such top industry-wide rankings as IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. In addition, CSI’s record of increasing its dividend each year for 49 years has earned it a designation of one of the financial media’s “Dividend Aristocrats.” CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit csiweb.com.