It's hard to browse the internet without stumbling across an article about how banks need to embrace a digital mindset (or at least, think more like tech companies). But are fraud incidents and cyberattacks causing banks to reconsider their digital strategies?
Comparing this year's Bank Director technology report to last year's reveals some interesting findings. For instance, 44% of respondents last year said digital was the most critical delivery channel to the bank's growth strategy, compared to 33% this year. Additionally, 83% of respondents last year reported that their tech budgets had increased, compared to 75% this year.
Meanwhile, 89% of respondents said they're more concerned about fraud in the bank's digital channels than they were a year ago, with 65% claiming they're "much more concerned." And 84% of banks this year are exploring using artificial intelligence to mitigate fraud, compared to 79% last year.
Do these findings track with conversations taking place at your institutions? What do they say about the future of branches? More generally, how are you analyzing tradeoffs between investments in digital versus physical channels?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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