Customer satisfaction and regulatory concerns are two of the top challenges financial institutions are facing, a survey by banking software provider Temenos found.

The top concern for banks was, shockingly, profitability, but both “satisfying customers” and regulation tied for second place when asked to identify the top three challenges for banks, the company’s 10th annual “Searching for profitability in a fast-changing world” survey found.

Another worrying (though perhaps not surprising) challenge to banks is competition, with 15% of survey respondents citing industry competition as top concern for 2017. The company surveyed nearly 250 bankers for the report over the course of its Temenos Community Forum in 2017.

The biggest competition to banks is not fintechs, according to the survey, but challenger banks: 22% of survey participants found that “new bank entrants” were the “biggest competitive threat” to their organizations, the survey said. This may indicate a European bias — Temenos is based in Geneva.

This compares to just 16% of respondents who chose fintech startups as the biggest threat, the survey found.

Take a look at the full report here.

To learn more about fintech startups and challenger banks, join us on March 5-6, 2018 at Bank Innovation 2018 at Parc 55 in San Francisco. Click here to request an invitation.