Cornerstone Advisors recently surveyed 300 senior executives at U.S.-based mid-sized financial institutions and learned that while more than half of bank and credit union executives are optimistic about the new year, they considered the interest rate environment a major concern for 2020.
Other key highlights of the survey include:
- 65% of banks and 76% of credit unions said fintech partnerships will be important to their business strategies in 2020;
- The number of banks citing mortgages, consumer loans, and consumer fee income as a priority this year is up significantly from 2019;
- The percentage of banks and credit unions that have deployed AI and machine learning tools is in the single digits.