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ARIZENT RESEARCH REPORT:
U.S. BANKS’ DATA TRANSFORMATION
JOURNEYS ARE AT A CROSSROADS

Transforming U.S. Banks: Overcoming Data Challenges to Boost Compliance and Revenue

Our new research report, in partnership with Arizent and American Banker, uncovers the critical pressures and opportunities facing U.S. banks as they navigate the digital transformation landscape.

Here are the key highlights:
  • Digital Transformation at U.S. Banks: The Path to Full Optimization: Banks face significant pressure to transform their digital processes to meet regulatory requirements and consumer expectations.

  • Ineffective Data Processes: Over half of the surveyed banks confess to ineffective data processes, struggling to meet regulatory requirements.

  • Regulatory Compliance Challenges: Despite the potential for regulatory compliance to drive innovation, banks face fines and revenue losses due to inadequate data management.

  • Resource Disparities: Smaller banks lack the resources to digitally transform at the same pace as larger institutions.

  • Concerns Over Legacy Systems and Regulatory Changes: Bank leaders are highly concerned about the impact of legacy systems and regulatory changes on operational efficiency.

This research examines how banks are addressing data operations and working with regulators to meet evolving requirements. The findings indicate that the pace of innovation at U.S. banks is lagging, directly impacting their bottom line. With few banks on the cutting edge of innovation, significant obstacles remain to future-proof their market position in a competitive financial services landscape.

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About this paper

Conducted in partnership with Arizent and American Banker on behalf of Gresham Technologies, this research surveyed 120 respondents from the banking sector. All respondents were manager-level or higher and involved in data management and usage in their roles. The survey was marketed exclusively to U.S.-based respondents, with no incentives provided for completion.

 

 

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