Developing a mobile banking channel for their corporate clients is a top priority for bankers, according to a recent survey by Fundtech. The results of the survey, taken among bankers on the topic of mobile banking, show that many bankers 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.”
Fundtech develops transaction banking solutions that automate activities such as payments, cash management, settlement, liquidity management, and the financial supply chain.