Security and fraud prevention are top issues facing banking industry

Publication date: 11 August 2011

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Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, today announced the results of a live poll conducted at its annual North American Insights client conference held in June. The poll, which surveyed nearly 100 banking executives from over 50 US financial institutions, addressed many of the most important issues on the banking industry’s agenda.

Summary of Findings

Fraud & Cyber Crime

Fraud and cyber crime continue to be among the most daunting issues that banks are facing today. Bankers believe it is a challenge that they will never be able to get under control.

65% see fraud monitoring as their biggest challenge, up from 53% last year
84% think that better detection tools are the key to addressing fraud
66% believe that the industry will never be able to get cyber crime problem under control
79% think that only a small fraction of their business client base understands their liability for fraudulent transactions
74% said that they think their SME customers would be willing to change financial institutions for better security

Mobile Corporate Banking

Bankers have seen a significant increase in interest for mobile banking services among their corporate clients.

44% said that they see strong current demand/interest from their business clients, up from 26% last year – a 70% jump
51% see the strongest adoption of mobile services is among their mid-size business clients; 37% say small business.
Only 6% see large corporates as having the strongest adoption, down from 29% from a year ago