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Security and fraud prevention are top issues facing banking industry
Publication date: 11 August 2011
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
The instant audience poll provided insight on a number of other topics:
- 71% see regulation having a negative impact on their business
- 56% report that their FX business is experiencing strong growth
- 89% think that user experience has become a more important competitive factor
- 54% said that they use social media in their professional life
- 75% said that they use social media in their personal life
George Ravich, Fundtech Chief Marketing Officer, said: “According to our survey, addressing fraud is the banking industry’s most pressing problem. With little expectation that cyber attacks will be brought under control anytime soon, banks, their customers, and their technology suppliers must collaborate in order to effectively quell this growing challenge.”
Ravich continues: “We were not surprised to see bankers reporting a significant jump in interest for mobile banking services among their business clients. Our survey reveals that 44% of the bankers report strong current demand, up from 26% last year – a jump of 70%. With the growing momentum in the market for everything mobile – this is an area of great opportunity for banks who fully embrace the mobile channel for their business customers.”
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