Wipfli, a top 25 advisory and accounting firm, has published the results of two industry surveys from the banking and credit union sectors that provide insights into current market challenges.
Based on the data, the surveyed financial institution leaders describe challenges such as cybersecurity, talent shortages and Digital Transformation maturity as continuing to shape strategies and priorities in 2025.
“This year’s findings underscore an industry at a critical juncture – embracing AI and Digital Transformation while navigating persistent challenges like cybersecurity and talent shortages,” said Anna Kooi, Wipfli’s Financial Services Practice Leader. “Financial institutions that stay focused on strategic goals and leverage data-driven insights are best positioned to lead the way.”
Banks displayed solid strategic priorities, like increasing investments in cybersecurity and growing traction for Banking-as-a-Service and embedded banking. Yet many financial institutions also say net interest margin compression, core deposit growth and the economy/regulatory environment could get in the way of continued growth and market share.
“It’s critical for banks to integrate their data tools strategically and intentionally,” Kooi said. “With shrinking margins, most mid-market banks can’t afford costly mistakes from siloed technology decisions. Investing in scalable, pragmatic technology architecture is essential.”
Over half of surveyed credit unions are increasing their investments in cybersecurity, as 49% of credit unions experienced an increase in fraud in 2024, with 76% identifying unauthorised access to their networks or data in the past year.
