Mobile corporate banking: worth the time and effort?

Publication date: 4 April 2011

Tagged with: Fundtech, George Ravich, Mobile technology

Fundtech recently announced the results of a survey taken among bankers on the topic of mobile corporate banking. The results reveal that developing a mobile banking channel for their corporate clients is a top priority; and many think it has the potential to become an important competitive differentiator. By far, the major concern is related to security and fraud issues.

The survey of 267 bankers was fielded in March and has the following key findings:

- 54% say that developing their mobile corporate banking services is a top or very important priority.

- 42% rated their customer’s interest as either extremely or very high.

- 31% believe that mobile corporate banking will become a competitive differentiator for their bank; however 38% see it becoming just another service delivery channel.

- 77% think fraud/security concerns are the biggest barriers to growth in mobile corporate banking.

George Ravich, Chief Marketing Officer of Fundtech comments: “The results of the survey show strong interest in developing the mobile corporate banking channel. One interesting dichotomy was revealed: while only 15% of those bankers surveyed see mobile corporate banking as a revenue opportunity, our recent survey done in partnership with Aite Group revealed that 49% of corporate treasurers are willing to pay for such services. This suggests that banks may still not yet fully realize the business opportunity for mobile banking.”

FX-MM says: Any solution that makes a corporate treasurer’s life easier is sure to be welcomed by the community. We all put up with having to do work out of hours in this age of real-time technology, but it’s far better to be ‘mobile’ rather than have to wait 15 minutes for your PC to boot up at midnight. Besides, when decision makers are on the road, mobile technologies are truly invaluable. As such, if the mobile offering is right, then charging for it should be deemed reasonable.

Read more about the rise of mobile technologies in the April edition of FX-MM, which is out this week.

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