Pub. 9 2019-2020 Issue 5

10 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org I t’s an exciting and challenging time for financial institutions. Banking has officially entered a new decade, spurred by inno - vative technologies, a digitally-focused consumer and the age- old benchmark of becoming competitive, compliant and profitable. But how exactly will banks get there? To understand how bankers will prioritize their digital and in-branch strategies, compliance concerns, cybersecurity defenses and technologies in 2020, CSI, a leading provider of fintech and regtech solutions, polled banking executives from around the country, representing 227 financial institutions from across the asset- size spectrum. The data from this survey was then collected and used to create an executive report to help bankers get a pulse on the industry’s hot topics and strategies. Bankers’ Self-Assessment Bankers were asked to kick off the survey with a reflective question: how would you rate your bank’s 2019 performance in key areas on a scale from 1 to 5, with 5 being the highest. • Customer Retention and Compliance: Above Average Bankers gave themselves high marks on two of the most important areas for bank profitability and safety and soundness: customer retention (4/5) and compliance readiness (3.9/5). • In-branch and Digital Experience: Room for Improvement At 3.5/5, bankers think they are providing a good (enough) in-branch experience for their customers. However, fewer (3.3/5) say the same about their digital experience, by which more and more customers prefer to bank. David Albertazzi, research director for Aite Group, says: “It’s good that bankers recognize that the digital experience they are providing their A Banker’s Guide Through the Top Strategies of 2020 By Steve DuPerrieu