Bank and credit union CEOs report on opportunities and business challenges in annual survey
More than 100 bank and credit union CEOs contributed to the annual study in the first quarter of this calendar year, representing financial institutions that range in asset size from
The survey found:
- Growing loans (67%), boosting operational efficiencies (44%), and adding digital products/features (39%) are the most important strategic priorities.
- When asked what their top three concerns are, respondents reported talent acquisition and retention (60%), net interest margin compression (49%), and fraud and security (41%). The biggest innovation concern was speed to market followed by resistance to change.
- The top competitive threats are fintechs (24%) and big tech firms (24%), followed by big banks (16%), and other community-based banks and credit unions (16%).
- 85% of the respondents said they plan to pursue a niche market to scale growth, differentiate in a crowded financial services market, and support local communities.
- The vast majority (79%) of respondents said their bank or credit union plans to increase technology spend over the next two years with digital banking, automation, and fraud and security technology being the highest investment priorities.
Jack Henry Chief Strategy Officer
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years,
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Vance Sherard, CFA
Sr. Director - Corporate Development & Investor Relations
Sr. Manager Corporate Comm