Digital banking comes down to two main priorities - offering the best possible customer experience while maintaining top-notch data security and privacy. Both of these tenets are top priorities for banks in 2023, per CSI's "2023 Banking Priorities Executive Report". But what does the data say about how bankers feel about APIs and Digital Banking? Some key takeaways: - APIs/Open Banking is the 3rd most pressing issue for banks in 2023, behind employee retention and regulatory change. Per one survey participant, "APIs and data analytics are the two most important things for our institution from an IT standpoint next year". - New technology is crucial for increasing market share: 80% of banks will seek to enhance or optimize their current digital channels, and 61% will invest in new digital technologies. "According to Bankers Helping Bankers, BaaS banks are drastically more profitable than traditional branch-focused banks". - Among tech priorities, 55% of respondents selected Digital Account Opening as the top priority (for the 3rd straight year), with more than 1/3 of bankers planning to invest in mobile banking apps (40%), in-branch tech (36%), and customer relationship management tech (34%). - The most popular open API strategy this year is Platform Banking (39%), where banks offer 3rd-party products and services to their customers. Per a respondent - "Open APIs create tremendous opportunities for efficiency within our bank, and we hope this would allow for more collaboration between third parties and other banks". - More than 50% of banks with assets under $250M are not currently using any API strategy, suggesting a lack of resources is a barrier to entry into the digital banking market. - Per Bankers Helping Bankers, "community banks involved in BaaS rank in the top 1% in both profitability and innovation" and that "BaaS represents the greatest hope in a generation for the future of community banking". 1/3 of banks see BaaS as an opportunity to streamline operations, and a further 23% see potential to create new revenue streams through BaaS. #baas #openbanking #digitalbanking #api #apimanagement #communitybanking #openapi #banking Software AG https://lnkd.in/gSh8yNYU