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Research Report

What’s Going On In Banking 2023

Fighting the Headwinds, Riding the Tailwinds

This comprehensive guide, authored by noted fintech expert Ron Shevlin, explores the latest banking and fintech trends and delivers a detailed dive into the strategic, operational, and technology-related plans of 300 community banks and credit unions surveyed by Cornerstone Advisors.

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Key Findings of the Study

  • The interest rate environment was the most frequently cited top concern for banks and credit unions in 2023.
  • The percentage of executives concerned about the cost of funds jumped to more than 43% for 2023, from just 8% last year.
  • Growing deposits will be a priority in 2023. Banks’ concerns over small business deposits soared to 72% from 41% in 2022. For credit unions, retail deposits topped the list, skyrocketing from 18% in 2022 to 70% in 2023.
  • Banks and credit unions remain seemingly indifferent to the revenue growth potential of real-time payments. Nearly 40% have not determined an RTP strategy.

Are You Keeping Up with the Competition in 2023 and Confident You Can Capture More Market Share?

43%

 

Bank & credit union execs are concerned about the cost of funds

50%

 

FIs challenged by staff retention and recruiting

18%

 

Banks planning to develop a digital transformation strategy in 2023

Study Results Featured In

 

About the Author

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Ron Shevlin

Chief Research Officer

As Chief Research Officer at Cornerstone Advisors, Ron Shevlin heads up the firm's research efforts and authors many of its studies. He has been a management consultant for more than 30 years, working with leading financial services, consumer products, retail, and manufacturing firms worldwide.

Before Cornerstone, Shevlin was a researcher and consultant for Aite Group, Forrester Research, and KPMG. Author of the Fintech Snark Tank blog on Forbes, Shevlin is ranked among the top fintech influencers globally and is a frequent keynote speaker at banking and fintech industry events.

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