As the banking industry explores emerging technologies to improve daily operations, bank leaders reveal that their organizations could get clearer about data: what they have, what they don’t have and how they might use it. Bank Director’s 2024 Technology Survey, sponsored by Jack Henry & Associates, also uncovers motivations behind banks’ deployment of technology as well as key improvement areas needed to achieve strategic goals. Nearly half of the senior technology executives, CEOs and directors taking part in the survey say that improving operational efficiency is the primary objective driving their bank’s technology strategy, followed by 29% who cite attracting…

Key Findings

A majority of executives and directors say their bank is in the early stages of its data strategy (34%) or has significant room for improvement (40%). More than two-thirds say their organization does not measure return on investment for technology projects, while 21% track ROI. Sixty percent indicate that one or more planned technology projects weren’t completed on schedule over the prior 18 months. Thirty-six percent report issues integrating new technology into existing systems, and 28% say that one or more projects went over budget. Over the past 18 months, 66% say their bank’s leadership team has discussed allocating budget…

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WRITTEN BY

Laura Alix

Director of Research

Laura Alix is the Director of Research at Bank Director, where she collaborates on strategic research for bank directors and senior executives, including Bank Director’s annual surveys. She also writes for BankDirector.com and edits online video content. Laura is particularly interested in workforce management and retention strategies, environmental, social and governance issues, and fraud. She has previously covered national and regional banks for American Banker and community banks and credit unions for Banker & Tradesman. Based in Boston, she has a bachelor’s degree from the University of Connecticut and a master’s degree from CUNY Brooklyn College.