Bankers will deploy customer-centric features for retention in 2023
Computer Services ( CSI ), a leading provider of end-to-end FinTech and RegTech solutions , has released its eighthannual Banking Priorities Executive Report . The report is based on the company ’ s yearly research initiative that asks bank representatives to reflect on their performance across various industry categories and select the technologies they expect to drive the future of the financial sector . Community bankers , representing the backbone of the traditional US banking system , made up the bulk of the 228 respondents .
Bankers shared their thoughts after a year in which high employee churn persisted and deposits at challenger banks continued to grow . These disruptions were set against a backdrop of ever-present cybersecurity threats and costly regulatory enforcement actions . Respondents deemed employee turnover ( 34 %) as the most significant issue bankers expect will affect the financial industry in 2023 , with regulatory change ( 27 %) as a close second .
Despite such challenges , 88 % of bankers feel most confident about retaining their current customers . Findings from the 2023 survey also indicate bankers see strengthening customer relationships through digital evolution as imperative .
David Culbertson , CEO and President of CSI , said : “ Our survey contributors are doubling down on real-time payments technology , exploring the possibilities of Open Banking and using public cloud technology more than ever before . By prioritising such technological advancements , financial institutions are not only underscoring their commitments to customers but securing their position against megabanks and other non-traditional newcomers .”
Intuit to accelerate and automate B2B payments for US businesses
Intuit has expanded availability of the Intuit QuickBooks
Business Network to millions of small and mid-market businesses in the US , creating one of the largest business-tobusiness ( B2B ) networks aimed at accelerating and automating B2B payments and improving overall cash flow .
B2B payments remain one of the largest unsolved challenges small and mid-market businesses face and that FinTech innovation is well-positioned to address . QuickBooks data shows that 52 % of B2B small businesses are paid late , even more than business-to-consumer ( B2C ) businesses ( 32 %), creating a cash flow challenge for small businesses that often rely on timely payments for critical business needs .
“ We ’ re innovating to address age-old challenges small businesses face when it comes to B2B payments , 70 % of which are still paper or check-based in the US ,” said Rania Succar , Senior Vice President , Intuit QuickBooks Money Platform and CEO , Mailchimp . “ Our FinTech expertise and payment industry leadership enable us to bring new , powerful automation to small business B2B payments . By reducing manual work and accelerating the time it takes to get paid , we can help small business owners better predict and manage cash flow .”