Survey: Banks are increasing their technology budgets to improve security

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Eight in 10 U.S. bank board members and executives said their banks increased their technology budgets in 2022, with cybersecurity a key investment area, according to a new report by Bank Director magazine. The report says participating banks have increased their technology budgets by an average of 11% over the past year, with 45% of respondents saying their institutions are relying on outdated technology. A total of 138 board members and bank executives participated in the survey.

Cybersecurity was the top investment focus, with 89% of respondents identifying it as an area where their banks had deployed new technologies or improved capabilities in the past 18 months. During the same period, 63% implemented or improved payment capabilities to improve the customer experience, while 54% focused on improving digital retail account opening, according to the report. .

Most respondents said their banks employ senior technology-focused executives, particularly in the form of a chief information security officer (44 percent), chief technology officer (43 %) and/or a news director (42%). Few said they have a data manager or data scientist on staff, although nearly half expressed concern that the bank does not use or aggregate data efficiently.

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