NORTH RICHLAND HILLS, Texas-A survey conducted during Cypress Software Systems' recent Annual Users' Conference found the company's clientele of credit unions, community banks and other financial institutions expect technology to positively impact productivity and compliance assistance in 2010.
Of the lending executives who attended the conference, 48% expect technology's primary role will be to increase productivity and efficiency, followed by compliance assistance (26%), enhanced risk management (21%) and improved quality control (5%).
Respondents believe the hottest financial industry topics next year will be mortgage regulations, including RESPA (32%), followed by compliance (26%), risk management (19%), the economy (13%) and cost reduction/increased productivity (10%).
When asked about their institution's readiness for the Jan. 1, 2010 RESPA deadline, 73% felt they were ready, while the remaining 27% felt they were not ready and had more work ahead to become compliant.
Of the business loan providers polled, 86% of respondents expect an increase in business loan applications in 2010. Thirty-six percent of consumer lenders expect improved quality control to be their top initiative in 2010, followed by increased application volume (18%), reduced loan losses (18%), higher portfolio performance (14%) and increased focus on cross-selling (14%). For info: www.go-cypress.com
