The bankers’ take on 2021’s regulatory priorities

by Keith Monson, CSI

While wrapping up one of the most unusual years in recent history, a large group of bankers shared their thoughts on a range of industry topics in our annual Banking Priorities Survey.

The responses from bankers, plus our analysis, provide important clues to help your financial institution strengthen its compliance programs and improve its overall regulatory posture for the year ahead.

The Effect of Regulatory Change

According to the 2021 survey data, 17% of bankers ranked regulatory change as the top issue that will most affect our industry this year. Only cybersecurity threats(34%) and meeting customer expectations (20%) earned more votes.

As for the other response options, the anticipated effect of regulatory change far outranked them. These included the perennial issues of recruiting/retaining employees (10%) and mergers and acquisitions (5%), along with the emerging areas of APIs/open banking (9%) and artificial intelligence/machine learning (6%).

 

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