YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Jack Henry surveyed core clients for its fifth-annual survey of bank and credit union CEOs.
SBJ file
Jack Henry surveyed core clients for its fifth-annual survey of bank and credit union CEOs.

Jack Henry study: Financial institutions poised to capitalize in current market

Posted online

A new study from Jack Henry & Associates Inc. (Nasdaq: JKHY) indicates financial institutions are poised for opportunities amid a challenging market.

The Monett-based financial software surveyed its core clients for the company's fifth-annual survey of bank and credit union CEOs, according to a news release.

The study found that inflection points from last year's survey, including changes in the business environment, led financial institutions to adjust their operations and management. That gives them opportunities in a market that now has inflation, rising rates and deposit churn, officials say.

"Financial institutions who proactively take advantage of market shifts are better positioned to capture upside potential and mitigate downside risk – no matter how the economy unfolds in 2023," said Lee Wetherington, senior director of corporate strategy at Jack Henry and one of the study's lead authors, in the release.

Highlights from the study include:
• Banks listed growing deposits as their top priority.
• Roughly 79% of financial institutions plan to increase their technology spending over the next two years.
• Banks' top concerns are talent retention and regulatory changes, among others, while credit unions are looking out for an economic slowdown.
• Around 90% of respondents are planning to embed fintech into their digital banking experiences.
• The most concerning fraud and security threats are phishing and real-time payments.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
New leader arrives on Drury campus

Jeff Frederick seeks to boost the university’s community connections.

Most Read
SBJ.net Poll
Do you play pickleball?

*

View results

Update cookies preferences