As they close the door on 2016 and look ahead to 2017, banks are planning and strategizing their 2017 projects. For most banks and credit unions, there is a long list of items needing attention, but not all areas can be addressed at the same time.
This week’s FIN News takes a look at The Financial Brand article, “Top 10 Strategic Priorities for Banking in 2017,” and shares insights from a survey on bankers’ focus areas for 2017. Here are the highlights:
- To gain bankers’ insights on what the most important priorities will be in 2017, theDigital Banking Report surveyed over 500 financial institutions globally.
- Despite the wide variance in both asset size and geographic location of the respondents, the ranking of the top priorities called out by the majority of organizations was surprisingly consistent.
- The top three priorities mentioned were improving the digital experience (71% of the respondents), enhancing data analytic capabilities (50%) and finding ways to reduce costs (41%).
- The full list of recommended top strategic banking priorities for 2017 are:
- Improve the digital customer experience
- Enhance data analytics capabilities
- Reduce operating costs
- Increase investment in innovation
- Meet regulatory and compliance requirements
- Update or replace components of the core operating system
- Recruit and retrain talent
- Improve business processes
- Enhance security and authentication
- Partner with fintech providers
Want to read more about trends impacting banks and credit unions? Our winter issue of the FinTalk Report shares the latest IT insights for the financial services industry.