The economy will recover steadily in 2014 but compliance burdens will challenge growth and innovation at financial institutions, according to the 2014 Fiserv Boardroom Series Outlook Survey.

More than 46% of respondents were somewhat optimistic for the overall economy in 2014, with another 42% expecting the year to play out about the same as 2013. Only 9% were somewhat or very pessimistic, signaling that, in the opinions of a majority of surveyed financial professionals, the worst of the economic malaise is over.

Virginia Heyburn, vice president for insights and advocacy at Fiserv, said the findings, together with broadly positive indicators from the FDIC Quarterly Banking Report and other sources, are confirmation that financial institutions are feeling better about prospects for the future.

"Much of the distress has worked its way out of the banking system, and can finally look forward instead of in the rearview mirror," says Heyburn. "Banks and credit unions have done a remarkable job of cleaning up their balance sheets. Institutions are more nimble and efficient than they were six years ago when the crisis hit, so they're in a much more advantageous position to leap forward to start growing."

More than 900 senior level leaders at banks, credit unions and other financial institutions were polled.