Developing a mobile banking channel for their corporate clients is a top priority for bankers, found a survey by Fundtech, a provider of global transaction banking solutions. Many respondents also 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 conducted in March 2011 and key findings were:
- Over half (54%) say that developing their mobile corporate banking services is a top or very important priority.
- Forty-two percent rated their customer’s interest as either extremely or very high.
- Almost a third (31%) believe that mobile corporate banking will become a competitive differentiator for their bank; however, 38% see it becoming just another service delivery channel.
- Seventy-seven percent think fraud/security concerns are the biggest barriers to growth in mobile corporate banking.
George Ravich, chief marketing officer (CMO) of Fundtech, said: “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 realise the business opportunity for mobile banking.”
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