Fraud and cybercrime and mobile are high up on the banking industry’s agenda. That’s according to a recent Fundtech poll which surveyed nearly 100 banking executives from over 50 US financial institutions.

Bankers believe fraud/cybercrime is a challenge that they will never be able to get under control. Sixty five per cent see fraud monitoring as their biggest challenge, up from 53 per cent last year. Eighty four per cent think that better detection tools are the key to addressing fraud; 66 per cent believe that the industry will never be able to get cyber crime problem under control; 79 per cent think that only a small fraction of their business client base understands their liability for fraudulent transactions; 74 per cent said that they think their SME customers would be willing to change financial institutions for better security

Bankers have seen a significant increase in interest for mobile banking services among their corporate clients. Forty four per cent said that they see strong current demand/interest from their business clients, up from 26 per cent last year. Fifty one per cent see the strongest adoption of mobile services is among their mid-size business clients; 37 per cent say small business. Only six per cent see large corporates as having the strongest adoption, down from 29 per cent from a year ago

Other issues that came up: 71 per cent see regulation having a negative impact on their business; 56 per cent report that their FX business is experiencing strong growth; 89 per cent think that user experience has become a more important competitive factor; 54 per cent said that they use social media in their professional life; 75 per cent said that they use social media in their personal life.

George Ravich, Fundtech chief marketing officer, says: “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.”

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