Bank Survey Reveals Customer Issues Rank Ahead of Cost Concerns
A recent survey of international bankers, conducted by FundTech, found concerns about customer acquisition and retention were far more prominent than concerns about cost reduction and efficiency. Concerns about security, especially cyber security and identity theft were also highly rated. When asked to prioritize drivers for technology spending, bankers gave ‘meeting customer expectations’ 45 per cent of the votes, compared to just 21 per cent for ‘regulatory demands’ and 16 per cent for ‘cost reduction’. Respondents also noted that customer retention was a more important driver for business strategy (with 33 per cent of the votes) than new customer acquisition (23 per cent) and cost reduction (15 per cent). The most important concern in the funds transfer area of the bank was regulatory compliance and risk mitigation. When asked whether these concerns would increase or decrease over the next five years, those surveyed predicted that cyber security issues would remain a top concern and that identity theft would become an even larger problem in the future.