Fundtech Regional Bank Survey Reveals Compliance as Top Concern
A recent survey by Fundtech has revealed that regulation and compliance have become the top concerns for bankers. The survey was carried out at Fundtech’s recent US client conference, and over 135 banking executives representing 72 national and regional banks from around the United States responded. Among those surveyed, 30 per cent said that compliance was their most significant business challenge. This compares to 20 per cent who rated ‘growth’ and 11 per cent that rated ‘cost reduction’ as the most important concern. Further to these results, 61 per cent said that the new Sarbanes-Oxley regulation has vastly changed their operating procedures. And 64 per cent said that wire initiation is the service that generates the highest revenue for their bank, when compared to other typical treasury management services such as ‘positive pay’, ‘ACH’ and ‘stop payment’. Three quarters said that they are experiencing a significant amount of competition in their market from global banks. And a further 75 per cent said that their management allows 24 months or longer to reach an ROI on large capital investments.