BRENTWOOD, TENN., August 30, 2016 – Eighty-one percent of bank chief information officers and chief technology officers responding to Bank Director’s 2016 Technology Survey say that their core processor is slow to respond to innovations in the marketplace, making it even more difficult for the banking industry to keep up with shifting consumer expectations regarding technology.
Thirty percent of bank CIOs and CTOs report that their bank has pulled back on plans to integrate a more innovative product, service or delivery channel due to the inability or unwillingness of the bank’s core processor to support that activity.
Banks are highly reliant on core providers for services beyond core processing, which at its most basic contains vital customer data and processes all customer transactions. Ninety-six percent of respondents say their bank uses their core provider for additional services, including mobile banking (71 percent) and bill pay (75 percent).
The 2016 Technology Survey is sponsored by the technology solutions provider CDW. In June and July, Bank Director conducted an online survey of 199 board members and senior executives of U.S. banks between $250 million and $20 billion in assets to examine how the banking industry is responding to technology trends such as data analytics and blockchain, and evaluates industry attitudes toward core providers and fintech firms, including marketplace lenders like Lending Club.
Other key findings include:
About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its print and digital editions of Bank Director magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Bank Director is headquartered in Brentwood, Tennessee.
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