Fraud and Mobility Are Top Priorities for Bankers, According to Fundtech Survey
- 39% of respondents will be deploying mobile business banking services within 6-12 months
- 53% say fraud monitoring is their biggest challenge in payment processing
- 23% think adding social networking to business banking is a ridiculous idea
Jersey City, NJ June 16, 2010 Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, today announced the results of live polling conducted during their annual Insights Conference for clients, this year held in Santa Monica, California in May. Over 100 transaction banking executives from 53 US financial institutions participated in the polling.
Interest in Mobile Business Banking is Growing
While only 10% of the bankers said they have already deployed mobile business banking services, 39% said they will be deploying mobile services within 6-12 months. This is in sharp contrast to the strong growth of consumer mobile banking, where 57% of American banks are expected to offer a solution by the end of 2010. This can be attributed to the moderate interest bankers see from among their business clients. Only 26% of respondents said that there is strong interest in mobile business banking services among their clients, and nearly 60% said that curiosity was driving this interest and that these are early days. Polling results also indicate that the adoption of mobile financial services will be evenly adopted across large, mid-sized and small businesses and corporate clients.
Fraud Monitoring is Biggest Challenge in Payment Processing
More than half surveyed (53%) said that their biggest challenge with regard to payment processing is fraud monitoring. Twenty-three percent said this was their business clients biggest challenge. Twenty-three percent felt that regulatory changes are their top challenge.
Usefulness of Social Networking in Business Banking Remains Undecided
There is a great deal of uncertainty around the potential integration of social networking features into business banking. While 36% of respondents said that there was some potential in the future for this sort of integration, 32% of respondents were unsure, and 23% felt it was a ridiculous idea.
George Ravich, CMO of Fundtech, comments, The transaction banking industry has experienced solid growth throughout the global financial crisis and is now poised to become an increasingly important driver of revenue and profits as new regulations restrict growth in other areas of the bank. Now more than ever, banks must selectively develop innovative new products and services to capitalize on these growth opportunities and maintain their competitiveness.
Fundtech (NASDAQ: FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the worlds largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the worlds largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2009, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.
(USA) Binna Kim, Cognito
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George Ravich Fundtech Ltd.