Financial institution and credit score union CEOs report on alternatives and enterprise challenges in annual survey
MONETT, Mo., Aug. 10, 2022 /PRNewswire/ — Jack Henry™ (NASDAQ: JKHY) introduced immediately outcomes from its annual Strategic Priorities Benchmark Research of strategic priorities for financial institution and credit score union CEOs throughout the U.S.
Greater than 100 financial institution and credit score union CEOs contributed to the annual examine within the first quarter of this calendar 12 months, representing monetary establishments that vary in asset dimension from $500 million to greater than $10 billion.
The survey discovered:
- Rising loans (67%), boosting operational efficiencies (44%), and including digital merchandise/options (39%) are crucial strategic priorities.
- When requested what their high three issues are, respondents reported expertise acquisition and retention (60%), web curiosity margin compression (49%), and fraud and safety (41%). The most important innovation concern was velocity to market adopted by resistance to vary.
- The highest aggressive threats are fintechs (24%) and large tech corporations (24%), adopted by massive banks (16%), and different community-based banks and credit score unions (16%).
- 85% of the respondents stated they plan to pursue a distinct segment market to scale development, differentiate in a crowded monetary companies market, and assist native communities.
- The overwhelming majority (79%) of respondents stated their financial institution or credit score union plans to extend expertise spend over the subsequent two years with digital banking, automation, and fraud and safety expertise being the very best funding priorities.
Jack Henry Chief Technique Officer Gautam Sircar stated, “The acceleration of change within the monetary companies sector is pushed by many elements, together with expertise developments, financial challenges, modifications in client expectations, and shifting competitors. Preserving the heart beat on essentially the most strategic objects for financial institution and credit score union CEOs is necessary to our technique. As a well-rounded monetary expertise supplier, Jack Henry is well-positioned to assist group and regional monetary establishments meet enterprise challenges and the evolving wants of their accountholders via our personal capabilities and entry to greater than 850 main fintechs.”
About Jack Henry
Jack Henry™ (Nasdaq: JKHY) is a well-rounded monetary expertise firm that strengthens connections between monetary establishments and the individuals and companies they serve. We’re an S&P 500 firm that prioritizes openness, collaboration, and person centricity – providing banks and credit score unions a vibrant ecosystem of internally developed fashionable capabilities in addition to the power to combine with main fintechs. For greater than 45 years, Jack Henry has offered expertise options to allow purchasers to innovate quicker, strategically differentiate, and efficiently compete whereas serving the evolving wants of their accountholders. We empower roughly 8,000 purchasers with people-inspired innovation, private service, and insight-driven options that assist cut back the boundaries to monetary well being. Further data is offered at www.jackhenry.com.
SOURCE Jack Henry & Associates, Inc.
