Over half (53%) of transaction banking executives polled at Fundtech’s user conference say that fraud monitoring is their biggest challenge in payment processing. Over 100 executives from 53 US financial institutions participated in the polling. Mobile banking was also high on the agenda, with 39% of respondents indicating that they will be deploying mobile business banking services within six to 12 months.
Interest in Mobile Business Banking is Growing
While only 10% of the bankers said they have already deployed mobile business banking services, 39% said they will be deploying mobile services within six to 12 months. This is in sharp contrast to the strong growth of consumer mobile banking, where 57% of American banks are expected to offer a solution by the end of 2010. This can be attributed to the moderate interest bankers see from among their business clients. Only 26% of respondents said that there is strong interest in mobile business banking services among their clients, and nearly 60% said that curiosity was driving this interest and that these are ‘early days’. Polling results also indicate that the adoption of mobile financial services will be evenly adopted across large, mid-sized and small businesses and corporate clients.
Fraud Monitoring is Biggest Challenge in Payment Processing
More than half surveyed said that their biggest challenge with regard to payment processing is fraud monitoring. Twenty-three percent said this was their business client’s biggest challenge and same percentage felt that regulatory changes are their top challenge.
George Ravich, chief marketing officer (CMO) of Fundtech, said: “The transaction banking industry has experienced solid growth throughout the global financial crisis and is now poised to become an increasingly important driver of revenue and profits as new regulations restrict growth in other areas of the bank. Now more than ever, banks must selectively develop innovative new products and services to capitalise on these growth opportunities and maintain their competitiveness.”
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