Banks and credit unions across the country are more optimistic about growth in 2025 despite growing concerns about fraud and cybersecurity, according to surveys from Milwaukee-based accounting firm Wipfli.
The company recently released survey results for the U.S. banking and credit union industries, exploring top challenges for financial institutions as well as expectations for the year ahead.
Anna Kooi, Wipfli’s financial services practice leader, says the results “underscore an industry at a critical juncture” as opportunities presented by AI and other technology are paired with worries about talent shortages and online threats.
“Financial institutions that stay focused on strategic goals and leverage data-driven insights are best positioned to lead the way,” she said in a statement.
The banking survey, which tapped 345 top-level executives, found 97% of respondents expect growth in the next 12 months, including 58% that expect asset growth of 5% or more. Report authors note that’s a “significant boost” from last year, when 36% expected to grow 5% or more.
Similarly, the credit union survey — which had 106 executive respondents — found 96% expect to grow in the coming year, and 52% expect 5% growth or more. That’s up from 31% expecting 5% growth or more last year.
But while expectations for future growth have strengthened from the last survey, worries about cybersecurity and fraud have also risen.
Among banking executives, 61% said fraud is on the rise at their business, an increase of 36% from last year. Forty-five percent reported more cyberattacks, and 79% reported unauthorized access to their networks and data.
For credit unions, the picture is much the same. Forty-nine percent of respondents are seeing more fraud, compared to 35% last year, while 36% reported an increase in cyberattacks. And 76% found unauthorized access to their data and networks.
As a result, financial institutions in both camps are putting more money into cybersecurity measures.
Among bank executives, 60% boosted investment in this technology, compared to 51% last year. Such investments were more common among smaller banks, with 67% compared to 54% for bigger banks. Meanwhile, 57% of credit unions invested more into cybersecurity over the past year, compared to 40% last year.
Top cybersecurity measures being implemented include more online safeguards, cyber risk assessments, penetration testing, bringing in outside cybersecurity expertise, fraud education for customers and more.
See the release and survey results for banks and credit unions.
