This is the first in a series of three posts that will relay the latest findings from our Kasasa Expert Exchange — a panel of professionals from our partner credit unions and community banks who share industry insights by completing short, relevant surveys. Check out parts two and three, too!
In February, we asked our experts to tell us their thoughts on the current state of the financial industry, and how it impacts their strategy for 2016.
We received 44 survey responses. Here’s a breakdown of who weighed in with their viewpoints:
Thanks so much to those of you who participated! Here’s what the results mean for you and other professionals in the industry.
Compliance is considered the biggest obstacle to growth.
Although panelists came from a wide variety of backgrounds, the majority agreed on one thing: compliance and increased regulations are major pain points for community financial institutions.
Almost 2/3 of respondents (61%) said regulation and legislation are barriers to their institution’s growth. Next in line were new technologies (41%) and interest rates (30%).
Have a look at how additional factors hindering growth stack up against the top three:
Compliance is also considered the greatest cost.
45% of panel participants said they consider compliance the greatest cost their institution faces. Interest rates again became a close contender, with 43% of participants citing those as their greatest cost.
Other costly line items are included in the graph below:
There’s no silver bullet for compliance — but there is a silver lining.
Our partners who offer Kasasa or its white-label equivalent have access to a comprehensive library of compliance language designed to support our products. And, if your institution has a need, we provide consulting on a case-by-case base for regulatory matters. Get in touch with your dedicated Kasasa contact for more details.
Not on the panel yet? Sign up to share your unique perspective!
The Kasasa Expert Exchange is a space where our partners share industry insights with one another by completing short, relevant surveys. Want to join the conversation? Sign up to participate in the panel.