Customer acquisition and retention concerns US banks more than cost reduction and efficiency according to a survey conducted by Fundtech, a provider of payments, cash management and settlement software and services.
Almost 50% of US banks voted ?meeting customer expectations? as the main driving force behind technology spend, versus 21% for ?regulatory demands? and 16% for ?cost reduction?.
The most important concern in the funds transfer area of the bank is regulatory compliance and risk mitigation, concludes the survey. When asked whether these concerns would increase or decrease over the next five years, most predicted that cyber issues - related to the internet - would remain a top concern and that identity theft would become an even larger problem in the future.
George Ravich, chief marketing officer of Fundtech said, ?these results provide us with excellent insight into our clients? concerns and help us better understand their most pressing issues.? He also added, ?we have long thought that providing solutions that enable banks to provide more valuable client services while delivering improved efficiencies was a winning combination. These results support our strategy?
The survey was taken at Fundtech?s annual US client conference in late May, with 78 banks of all sizes represented.