CSI’s 2021 Banking Priorities Executive Report: Cybersecurity Threats and Digital Transformation Top of Mind on the Heels of a Pandemic

Rhea-AI Summary

Computer Services, Inc. (CSVI) has published its sixth annual Banking Priorities Survey, gathering insights from 272 U.S. banking executives. The survey highlights a continuous shift towards digital prioritization, with key concerns revolving around cybersecurity threats (34%) and customer expectations (19%). Notably, 59% of bankers prioritize digital account opening, while only scoring 2.8/5 on data utilization. Compliance readiness rated well at 4.1/5, yet regulatory change remains a concern for 17%. A significant 85% plan to adopt cybersecurity training to counter growing cyber threats.

Positive

• Digital prioritization identified as a key opportunity for growth.
• High emphasis on digital services, with 59% focusing on digital account opening.
• Strong compliance readiness score of 4.1/5 among banking executives.
• 85% of institutions planning to implement cybersecurity training.

Negative

• Only a 2.8/5 score on data collection and utilization, indicating a gap in digital transformation success.
• 34% identified cybersecurity threats as a major issue, highlighting vulnerability.
• 17% expressed regulatory change as a significant concern for 2021.

Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, has released the findings from its sixth annual Banking Priorities Survey, its most extensive to date. CSI gathered survey responses from a record-setting 272 U.S. banking executives from across the asset-size spectrum to identify the most pressing issues facing the industry this year. The data was then used to compile the 2021 Banking Priorities Executive Report.

In the wake of the COVID-19 pandemic, this year’s research confirms that digital prioritization continues to accelerate. Also, according to the survey data, bankers perceive cybersecurity threats (34% of respondents) and meeting customer expectations (19% of respondents) as the issues that will most influence the industry in 2021.

Investing in technologies followed suit, as bankers across the country cited digital account opening (59%), mobile banking apps (45%) and customer relationship management (43%) as their highest priorities. But while 43% of bankers said they will enhance or optimize current digital channels to increase market share, they graded themselves only 2.8/5 for collecting and utilizing data – an essential component of successful digital transformation.

“Digital prioritization is creating opportunities to accelerate growth and elevate the customer experience,” said Steve Powless, CSI’s Chairman and CEO. “More than ever, strategic digital transformation is the key for institutions to grow, compete and remain vibrant, thriving leaders in their communities.”

In addition, although bankers gave themselves a solid rating of 4.1/5 on compliance readiness, regulatory change remains top of mind, with 17% of respondents reporting it as their highest concern for 2021. And industry angst still revolves around the threat of cyberattacks, with 80% of bankers identifying some form of social engineering as the top cybersecurity threat. According to the data, almost 85% of institutions plan to utilize cybersecurity training to combat cybercriminals in this area.

To learn more about the strategies, spending initiatives and technology plans that will shape the banking industry in 2021, download the executive report containing the full survey data and detailed analysis of the results here.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

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FAQ

What were the key findings of the 2021 Banking Priorities Survey by CSVI?

The survey revealed a focus on digital prioritization, with cybersecurity threats and customer expectations as top concerns.

How does CSVI's survey reflect the banking industry's priorities in 2021?

It shows a shift towards digital solutions, with priorities including digital account opening and cybersecurity training.

What challenges did CSVI's Banking Priorities Survey highlight for 2021?

It highlighted concerns over cybersecurity threats and regulatory changes affecting the banking sector.

What is the significance of the score 2.8/5 in CSVI's survey?

It indicates bankers' self-assessment on their capabilities in collecting and utilizing data for digital transformation.

How many banking executives participated in the CSVI survey?

A record 272 U.S. banking executives participated in the survey.