Press Release

2022 Technology Survey Results: Investing in Banking’s Future

Erin Register
Web/Digital Marketing Coordinator

NASHVILLE, TENN., Aug. 30, 2022 – As competitive pressures continue to alter the landscape for financial institutions, Bank Director’s 2022 Technology Survey, sponsored by CDW, delves into the technology concerns and challenges bank senior executives and board members face, and where they’ve been investing their resources.

Eighty-one percent of survey respondents say their bank increased its technology budget for 2022, reporting a median 11% increase compared to 2021. Still, leveraging technology to create a more competitive and efficient organization requires internal know-how, and almost half of responding directors and executives worry that their bank lacks an adequate understanding of emerging technologies. Further, 45% say their bank relies on outdated technology.

“Almost half of the respondents point to big and superregional banks as significant threats – and that doesn’t account for companies like PayPal, Chime and others that are nipping at banks’ business,” says Emily McCormick, vice president of research at Bank Director. “Bank Director’s 2022 Compensation Survey, conducted earlier this year, found technology talent to be in high demand. I believe we can see a direct connection between a need for in-house expertise and the industry’s ability to meet today’s challenges.”

The 2022 Technology Survey indicates that most banks employ high-level executives focused on technology, particularly in the form of a chief information security officer (44%), chief technology officer (43%) and/or chief information officer (42%). Few, however, have a chief data officer or data scientists on staff – despite almost half expressing concerns that the bank doesn’t effectively use or aggregate the bank’s data.

Key Findings

The Competitive Landscape
Fifty-six percent of all respondents view local banks and credit unions as their top competitive threat, followed by big and superregional banks at 46%. One-third worry about competition from big tech companies such as Apple, while an equal number are concerned about competition from digital, nonbank business lenders.

Hit-or-Miss on Digital Applications
Nearly half of respondents say their bank has a fully digital process for opening retail deposit accounts, with larger shares representing banks over $1 billion reporting as much. Far fewer respondents report a fully digital process for retail loans, small business deposits or loans, or commercial loans.

Generational Divides
Just 25% of the directors and executives surveyed say their bank has the tools it needs to effectively serve Generation Z, and half believe their institution can effectively serve millennials. Eighty-five percent say as much about Generation X, and 93% say this of baby boomers.

All-In on the Cloud
Eighty-eight percent say their bank uses cloud technology to generate efficiencies internally; 66% use application programming interfaces (APIs), which allow different applications or systems to exchange data. Robotic process automation (32%) and artificial intelligence or machine learning (19%) are far less commonly used.

New Frontiers
Three-quarters say their board or leadership team has discussed risks or opportunities related to cryptocurrency or digital assets in the past 18 months. Sixty-four percent say the same of banking as a service (BaaS), and 69% say that of environmental, social and governance issues. Cannabis, on the minds of 58%, was more commonly discussed at banks under $5 billion of assets.

Views on Collaboration
More than half of respondents view technology companies as vendors only, as opposed to collaborating with or investing in these firms. Thirty-nine percent, primarily representing banks over $1 billion in assets, say their institution has collaborated with technology providers on specific solutions. Twenty percent have participated in a venture fund that invests in technology companies, and 11% have directly invested in one or more of these companies.

The survey includes the views of 138 independent directors, chief executives, chief operating officers and senior technology executives of U.S. banks below $100 billion in assets. Full survey results are now available online at

About Bank Director
Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Since 1991, Bank Director has provided board-level research, peer-insights and in-depth executive and board services. Built for banks, Bank Director extends into and beyond the boardroom by providing timely and relevant information through Bank Director magazine, board training services and the financial industry’s premier event, Acquire or Be Acquired. For more information, please visit

About CDW
Today, IT creates business potential, drives growth and innovation, but it’s not always easy to stay up on the latest IT advances when you carry a heavy load. CDW gets it. CDW Financial Services partners with leading technology companies to bring you state-of-the-art IT solutions you need to succeed and lighten your load. For more information about CDW, visit

For more information, please contact Bank Director’s Director of Marketing, Deahna Welcher, at [email protected].


Erin Register

Web/Digital Marketing Coordinator

Erin Register is the Web/Digital Marketing Coordinator at Bank Director. She is the project manager for editorial content including sponsor articles, videos, social media and Bank Director’s e-newsletter, The Slant. Erin previously worked at MD Publishing, where she was the Digital Marketing Executive, and has years of experience in the publishing and events industries. She attended Presbyterian College in Clinton, South Carolina.