CURRENCIES RISING INTEREST The community banker's five-year plan Technology plays an essential role in banking, giving cause for both optimism and caution. The 2023 CSBS Annual Survey of Community Banks asked respondents to look five years ahead to contemplate and predict how different technologies may affect their banks. The current outlook on risk and tech Respondents ranked two technology-based concerns among the top banking concerns today: Cybersecurity 32% 60.8% Technology implementation and costs Extremely important Very important Tip: Visit ICBA's Operational Risk Resource Center for downloadable exercises to help your bank prepare for risk at icba.org/crisispreparedness Looking ahead at tech Bankers had both hope and concern about future tech offerings. What technological developments present promising opportunities over the next five years? What are the challenges to implementing new technology? 50.2% 26.3% 81.1% 64.6% 47.4% Expansion of mobile banking services Fully integrated loan processing systems Cloud-based core systems Cybersecurity risks 67.6% 63.9% 62.6% Spend rate Core processor responsiveness 12 // ICBA Independent Banker // February 2024http://www.icba.org/crisispreparedness