Building better relationships with customers is paramount for the banking industry. Despite regulatory constraints and rising costs, banking executives need to align key strategic priorities and invest in technology as a focus to provide a better customer experience and keep customers at the heart of decision-making every step of the way.
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Select highlights and survey results from the report.
Sixty percent of survey respondents report that regulatory requirements account for as much as 10 percent of their total operating costs.
Q: Approximately what percentage of your total operating costs is driven by regulatory compliance requirements?
More than one-third of bank executives acknowledged that enabling mobile payments is a key IT-related investment priority for their bank over the next year.
Q: As it relates to customer interface, which of the following IT-related projects will be the most important focus for your bank from an investment perspective in the next 12 months?
Following significant changes to their business models driven by regulation, the next transformative stage will be driven by customer demand, as confirmed by 47 percent of our survey respondents.
Q: Over the next three to five years, what will be the top three drivers of transformation for your business?