Jack Henry Survey Reveals CEOs of Community and Regional Financial Institutions Consistently Focus on Loan Growth, Efficiency and Digital Services
Bank and credit union CEOs report on business opportunities and challenges in annual survey
MONET, Mo., August 10, 2022 /PRNewswire/ — Jack Henry™ (NASDAQ: JKHY) today announced the results of its annual Benchmarking Survey of Strategic Priorities of CEOs of Banks and Credit Unions in the United States
More than 100 bank and credit union CEOs contributed to the annual survey during the first quarter of this calendar year, representing financial institutions with asset sizes ranging from $500 million over $10 billion.
The investigation revealed:
- Increasing loans (67%), improving operational efficiency (44%) and adding digital products/features (39%) are the most important strategic priorities.
- When asked what their top three concerns were, respondents cited talent acquisition and retention (60%), net interest margin compression (49%), and fraud and security ( 41%). The biggest concern with innovation was speed to market, followed by resistance to change.
- The top competitive threats are fintechs (24%) and big tech companies (24%), followed by big banks (16%) and other community banks and credit unions (16%).
- 85% of respondents said they plan to pursue a niche market to accelerate 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 spending on technology over the next two years, with digital banking, automation, and fraud and security technology being the main investment priorities.
Jack Henry Strategy Director Gautam Sircar said, “The acceleration of change in the financial services industry is driven by many factors, including advances in technology, economic challenges, changing consumer expectations and changing competition. to our strategy. As a comprehensive fintech provider, Jack Henry is well positioned to help community and regional financial institutions meet business challenges and the changing 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 fintech company that strengthens the connection between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user-centricity – providing banks and credit unions with a dynamic ecosystem of modern, in-house developed capabilities as well as the ability to integrate with leading financial technologies. For more than 45 years, Jack Henry provided technology solutions to enable customers to innovate faster, strategically differentiate and compete successfully while meeting the changing needs of their account holders. We empower approximately 8,000 clients with innovative, people-inspired solutions, personalized service, and insight-driven solutions that help reduce barriers to financial health. Additional information is available at www.jackhenry.com.
THE SOURCE Jack Henry & Associates, Inc.