More NewsSecurity and Fraud Prevention are Top Issues Facing Banking Industry

Security and Fraud Prevention are Top Issues Facing Banking Industry

Fundtech has announced the results of a live poll conducted at its annual North American client conference held in June. The poll, which surveyed nearly 100 banking executives from over 50 US financial institutions, addressed many of the most important issues on the banking industry’s agenda.

The survey found that fraud and cyber crime continue to be among the most daunting issues that banks are facing today. Bankers believe it is a challenge that they will never be able to get under control.

The main findings of the survey are:

  • Sixty-five percent see fraud monitoring as their biggest challenge, up from 53% last year.
  • More than eight out of 10 (84%) think that better detection tools are the key to addressing fraud.
  • Two-thirds believe that the industry will never be able to get cyber crime problem under control.
  • Almost eight out of 10 (79%) think that only a small fraction of their business client base understands their liability for fraudulent transactions.
  • Almost three-quarters (74%) said that they think their small to medium-sized enterprise (SME) customers would be willing to change financial institutions for better security.

According to the survey, bankers have seen a significant increase in interest for mobile banking services among their corporate clients:

  • Forty-four percent said that they see strong current demand/interest from their business clients, up from 26% last year – a 70% jump.
  • Just over half (51%) see the strongest adoption of mobile services is among their mid-size business clients; 37% say small business.
  • Only 6% see large corporates as having the strongest adoption, down from 29% from a year ago

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