A deep dive into the tech priorities of the banking industry

July 10, 2023 10:02 AM

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Even with a recession looming on the horizon, financial institutions are still looking to invest in new technology, with a majority of banks expecting to increase their tech spending this year.

Arizent, publisher of leading brands in financial and professional services, conducted original research to find out which types of technology banks are focusing on in the current economic climate, what the key factors are that are likely to impact their spending decisions and more.

This research was conducted online in December 2022 among 164 banking respondents with knowledge of and/or involvement in their institution's tech initiatives.

Scroll through to find out what the research reveals.

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A deep dive into the tech priorities of the banking industry

Banks are reassessing how they implement tech changes due to economic factors.

Despite economic headwinds, many banking organizations are still investing in technology.

They are also mostly increasing or maintaining IT headcount.

Most banking establishments fall in the early or late majority when it comes to tech adoption.

The most active tech priorities are enhanced security, fraud mitigation and customer onboarding.

Compliance, customer expectations and competition are driving these active tech priorities and investments.

More than half of organizations are investing at least moderately in leveraging IoT devices.

Mobile first is a mantra for many banking professionals when it comes to customer-facing tech.

Banking institutions cite mobile apps, API and real-time payments as having the most transformative potential.

Organization types have varied opinions on which technologies have the most potential to transform.