Jersey City, N.J.-based Fundtech has announced the results of its annual poll focusing on hot topics in the banking industry, conducted last June. The poll surveyed about 100 of the financial software and services company's banking executive clients from more than 50 U.S. financial institutions. The results are similar to those from last year's poll in that security and mobility remain top priorities for banking executives. However, the percentage of executives concerned with those issues has increased.
When it came to security, 65 percent of poll respondents saw fraud monitoring as their biggest challenge, up from 53 percent last year. The increased concern about fraud also comes with a belief that cyber security problems aren't being adequately addressed; 66 percent of respondents said that they believe the banking industry will never be able to get cyber crime under control. Security challenges also affect customer retention, according to respondents, with nearly three quarters of them indicating a belief that their customers would be willing to change financial institutions for better security.
"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," said George Ravich, Chief Marketing Officer for Fundtech, in a press release.
The Fundtech customers that took part in the poll also indicated that they've seen an increase in mobile banking interest among their corporate clients, with 44 percent of respondents reporting strong current demand -- that's up from 26 percent last year. Of those corporate clients that are adopting mobile services, 51 percent of bank execs say that they see the strongest adoption of mobile services among midsize businesses, while 37 percent of them say they see the strongest mobile adoption in small businesses. Only 6 percent of them see large corporations as having the strongest adoption, a significant drop from 29 percent last year.
"We were not surprised to see bankers reporting a significant jump in interest for mobile banking services among their business clients," said Ravich. "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."