“This year’s findings underscore an industry at a critical juncture — embracing AI and digital transformation while navigating persistent challenges like cybersecurity and talent shortages,” said Anna Kooi, Wipfli’s financial services practice leader. “Financial institutions that stay focused on strategic goals and leverage data-driven insights are best positioned to lead the way.”
Financial institutions are feeling bullish this year, with 58% anticipating asset growth of 5% or more; last year, only 36% anticipated that level of growth.
Banks continue to diversify their services to ward off competitors, lure new customers and capture Gen Zers as they inherit new levels of wealth.
Financial institutions are feeling bullish this year, with 58% anticipating asset growth of 5% or more; last year, only 36% anticipated that level of growth.
“It’s critical for banks to integrate their data tools strategically and intentionally,” Kooi said. “With shrinking margins, most mid-market banks can’t afford costly mistakes from siloed technology decisions. Investing in scalable, pragmatic technology architecture is essential.”
Covered in the full report
This year’s report provides a comprehensive analysis of the banking industry’s priorities, concerns, and opportunities:
- Cybersecurity and financial crime: Cybersecurity remains the top concern, with 79% of institutions detecting unauthorized access in the past year.
- Digital maturity and artificial intelligence: While 83% of financial institutions are adopting AI tools, digital maturity varies significantly by size. Large institutions lead the way, but smaller banks face barriers like integration challenges and regulatory uncertainty.
- Talent and labor: Recruitment and retention continue to challenge institutions, particularly smaller ones. Strategies like flexible work arrangements and leadership training are gaining traction.
- Thoughts on the future: Wipfli’s financial institutions team provides rich context to the data, delving into what the new data and trends mean for the future of banking and how executives can build a road map for thriving in the competitive landscape. AI and digital transformation hold the keys to maintaining relevance, but they must be implemented with clear objectives and robust governance.
- Appendix with full data: The appendix offers a detailed breakdown of survey responses from 345 U.S. financial institution leaders, providing nuanced insights into the industry’s priorities and challenges. Dive into the raw data to uncover trends and metrics that can inform your strategies.
Access the full report for a deeper analysis and a detailed breakdown of all the data. For media inquiries, contact Alicia O’Connell at alicia.oconnell@wipfli.com.
Download the full report
