Bank and credit union CEOs report on business opportunities and challenges in annual survey
MONETT, Mo., August 10, 2022 /PRNewswire/ — Jack Henry™ (NASDAQ: JKHY) today announced the results of its annual Strategic Priorities Benchmark Study of Strategic Priorities for US Bank and Credit Union CEOs
More than 100 bank and credit union CEOs contributed to the annual study during the first quarter of this calendar year, representing financial institutions ranging in asset size from 500 million dollars in addition to 10 billion dollars.
The survey found:
Loan growth (67%), increasing operational efficiency (44%) and adding digital products/functions (39%) are the top 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 main competitive threats are fintechs (24%) and large technology companies (24%), followed by large banks (16%) and other community banks and credit unions (16%). 85% of respondents said they plan to pursue a niche market to scale growth, differentiate themselves 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 spending over the next two years, with digital banking, automation and fraud and security technology as top priorities of investment
jack henry Head of Strategy Gautam Sircar said: “The acceleration of change in the financial services industry is driven by many factors, including technological advances, economic challenges, changing consumer expectations and changing competition. It is important to keep a pulse on the elements more strategic for bank and credit union CEOs. to our strategy. As a comprehensive provider of financial technology, jack henry is well positioned to help regional and community financial institutions address business challenges and the evolving needs of their account holders through our own capabilities and access to over 850 leading fintechs.”
about jack henry
Jack Henry™ (Nasdaq: JKHY) is a comprehensive financial technology company that strengthens the 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 modern capabilities developed in-house, as well as the ability to integrate with leading fintechs. For more than 45 years, jack henry has provided technology solutions to enable clients to innovate faster, differentiate strategically and compete successfully while meeting the evolving needs of their account holders. We empower approximately 8,000 customers with people-inspired innovation, personal service and information-driven solutions that help lower barriers to financial health. Additional information available at www.jackhenry.com.
SOURCE jack henry & Associates, Inc.