Independent Banker - February 2018 - 14

With Interest
AROUND THE INDUSTRY
Survey
Fintech: 5 key insights
In July 2017, ICBA surveyed member banks about their
use of fi ntech now and in the future. Here are a few
things we learned.
1. Mobile banking is the primary focus.
When asked to rank seven emerging fi ntech technologies
in order of impact on their community banks'
business strategies, a majority of respondents (54.26
percent) said mobile banking was most infl uential. On
the other end of the scale, no respondents considered
blockchain/cryptocurrencies to be the most impactful,
and 56.6 percent of respondents considered them the
least impactful.
2. Bankers want a fi ntech provider that will help them
attract customers and deliver a superior experience.
When asked which of four factors would most motivate
their bank to partner with a fi ntech provider, 41.6
percent of respondents said they wanted a partner who
would attract customers and improve customer experience.
The four factors were: attract customers/improve
customers experience; increase fee income; reduce risk
and fraud; and improve effi ciency/reduce cost.
3. Most bankers have not talked with a fi ntech
provider about potential opportunities.
Among respondents, 56.15 percent have not yet spoken
with an outside fi ntech provider. The majority of respondents
(54.69 percent) also have not yet addressed
fi ntech opportunities in their bank's strategic plan.
4. Some banks have developed or invested in fi ntech
capabilities or solutions in-house.
Among respondents, slightly more than one in 10 (13.28
percent) have developed their own fi ntech capabilities
or solutions. About one in 20 (5.47 percent) have made
an equity investment in a fi ntech company.
5. Spending on fi ntech is expected to grow.
In 2016, 29.36 percent of respondents reported
spending absolutely nothing on fi ntech. Another 48.62
percent reported spending between 0 and 2 percent of
revenue. Fully 16.51 percent reported spending between
2 percent and 5 percent of revenue, and only 5.5 percent
reported spending more than 5 percent. In 2017,
nearly all respondents (94.74 percent) expected their
total fi ntech spend would be either the same or more
than in 2016.
14 ICBA Independent Banker February 2018
5.26%
Less
How much do
you think you
will spend on
fi ntech in 2017
compared
with 2016?
56.14%
The same
38.60%
More
3.88%
Which emerging
fi ntech
technology best
fi ts your
business
strategy?
15.50%
Cybersecurity
17.05%
Payments and
commerce
6.20%
Data and
analytics
3.10%
Cloud infrastructure/
business model
56.15%
No
43.85%
Yes
Have you
spoken to a
fi ntech provider
(excluding your
core provider)
about potential
fi ntech
opportunities
for your bank?
54.26%
Mobile banking
Artifi cial intelligence/
machine learning

Independent Banker - February 2018

Table of Contents for the Digital Edition of Independent Banker - February 2018

Table of Contents
Independent Banker - February 2018 - Intro
Independent Banker - February 2018 - Cover1
Independent Banker - February 2018 - Cover2
Independent Banker - February 2018 - Table of Contents
Independent Banker - February 2018 - 2
Independent Banker - February 2018 - 3
Independent Banker - February 2018 - 4
Independent Banker - February 2018 - 5
Independent Banker - February 2018 - 6
Independent Banker - February 2018 - 7
Independent Banker - February 2018 - 8
Independent Banker - February 2018 - 9
Independent Banker - February 2018 - 10
Independent Banker - February 2018 - 11
Independent Banker - February 2018 - 12
Independent Banker - February 2018 - 13
Independent Banker - February 2018 - 14
Independent Banker - February 2018 - 15
Independent Banker - February 2018 - 16
Independent Banker - February 2018 - 17
Independent Banker - February 2018 - 18
Independent Banker - February 2018 - 19
Independent Banker - February 2018 - 20
Independent Banker - February 2018 - 21
Independent Banker - February 2018 - 22
Independent Banker - February 2018 - 23
Independent Banker - February 2018 - 24
Independent Banker - February 2018 - 25
Independent Banker - February 2018 - 26
Independent Banker - February 2018 - 27
Independent Banker - February 2018 - 28
Independent Banker - February 2018 - 29
Independent Banker - February 2018 - 30
Independent Banker - February 2018 - 31
Independent Banker - February 2018 - 32
Independent Banker - February 2018 - 33
Independent Banker - February 2018 - 34
Independent Banker - February 2018 - 35
Independent Banker - February 2018 - 36
Independent Banker - February 2018 - 37
Independent Banker - February 2018 - 38
Independent Banker - February 2018 - 39
Independent Banker - February 2018 - 40
Independent Banker - February 2018 - 41
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Independent Banker - February 2018 - 43
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Independent Banker - February 2018 - 45
Independent Banker - February 2018 - 46
Independent Banker - February 2018 - 47
Independent Banker - February 2018 - 48
Independent Banker - February 2018 - 49
Independent Banker - February 2018 - 50
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Independent Banker - February 2018 - 55
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Independent Banker - February 2018 - 60
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Independent Banker - February 2018 - 62
Independent Banker - February 2018 - 63
Independent Banker - February 2018 - 64
Independent Banker - February 2018 - 65
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Independent Banker - February 2018 - 70
Independent Banker - February 2018 - 71
Independent Banker - February 2018 - 72
Independent Banker - February 2018 - 73
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Independent Banker - February 2018 - 79
Independent Banker - February 2018 - 80
Independent Banker - February 2018 - 81
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Independent Banker - February 2018 - 83
Independent Banker - February 2018 - 84
Independent Banker - February 2018 - Cover3
Independent Banker - February 2018 - Cover4
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