By John ManganielloDirector, Project Services, Benchmark Technology Group, Inc.  As industry veterans predict a year of mergers and acquisitions, many financial institutions are taking steps to improve their resilience and agility as they contend with reduced deposits and higher interest rates. Many of them seek to become more agile to take advantage of emerging tech and growth opportunities.
From an operational standpoint, technology strategy and device management are crucial to productivity. From an employee standpoint, very little defines a bank more than the effectiveness of its provided hardware and software infrastructure. Thus, it’s crucial to have comprehensive device management capabilities in addition to a flexible and forward-looking technology strategy. With this infrastructure in place, banks and credit unions can ensure that their employees and customers have access to the technology and support they demand while also minimizing downtime. Harnessing their technology (including hardware, software, and mobile devices), financial institutions can better address security and fraud prevention, while providing a more robust online banking experience to their customer base. Benchmark's Predictions, From Interest Rates to Services and Devices 2023 proved tough for financial institution (FI) leaders. As banks and credit unions faced mounting pressures due to inflation, regulatory considerations, and higher interest rates, it got more challenging to stay on course with technology investments. However, we believe bankers will find 2024 to be a much better environment, particularly if they act strategically to leverage the right partners and resources. Here are a few things our Benchmark team members have seen in their crystal ball for the upcoming year: “The banking industry faced significant challenges in executing larger projects, many of which were deferred to 2024 or strategically divided between the two years. With the surge in bank mergers, the need for hardware and services standardization became paramount, compelling financial institutions to seek comprehensive solutions. Recognizing the value of partnerships, banks are now actively engaging with companies offering full-service packages. These encompass everything from sourcing new equipment at competitive prices to providing repair options, facilitating installations and implementing buy-back programs for retired hardware. An interesting trend observed in the past 12 months is banks’ and credit unions’ willingness to invest in refurbished hardware, marking a departure from traditional preferences. Looking ahead, the industry anticipates the continuation of mergers and acquisitions in 2024, emphasizing the importance of adaptability and collaboration. The spotlight on fraud prevention is set to intensify, with manufacturers actively developing innovative products geared towards safeguarding branches from emerging threats.”
Stephanie Johnson, Senior Account Executive |
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