Cybersecurity threats and digital transformation top of mind for bankers

Friday 29 January 2021 10:58 CET | News

In the wake of the COVID-19 pandemic, cybersecurity threats and digital transformation remain top of mind for bankers, according to Computer Services’ sixth annual Banking Priorities Survey.

The research confirms that digital prioritisation continues to accelerate. 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, 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 optimise current digital channels to increase market share, they graded themselves only 2.8/5 for collecting and utilising data.

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 fear 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 use cybersecurity training to combat cybercriminals in this area.

CSI gathered survey responses from 272 US banking executives from across the asset-size spectrum to identify the most pressing issues facing the industry in 2021.

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Keywords: COVID-19, banking, cybersecurity, digitalisation, data, UX, regtech, cyberattacks, study, Computer Services
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech