Technology strategic priorities
High performing banks are focused on growth
Banks in North America and Europe are cost-focused - One-quarter of banks in North America and Europe reported reducing costs as their main strategic priority, compared to only 16% of APAC banks.
APAC is growth and regulation-focused - APAC banks are more focused on business growth and regulatory compliance compared to banks based in North America and Europe.
Innovation a low priority - Developing new innovations and keeping lights on (maintaining normal business operations) are the lowest priorities for banks across all regions.
Smaller banks look to transform their business model - Banks with assets between $10 billion and $50 billion prioritize transforming their business model more than banks with greater assets.
Competition is comparatively less important for smaller banks - Banks with assets between $10 billion and $50 billion place less importance on responding to competition.
Higher performing banks are growth-focused - 23% of banks with an asset turnover ratio over 4.5% (higher performance) are focused on business growth.
Lower performing banks are cost-focused - Banks with an asset turnover ratio less than 4.5% (lower performance) are focused most on reducing costs.
Innovation takes a back seat - From the highest performing banks to the lowest performing banks, developing new innovations and product offerings is the lowest priority.
