Fundtech Ltd. (NASDAQ: FNDT), a leading provider of payments, cash management and settlement software and services, today announced the results of a live interactive survey conducted with its clients that found concerns about customer acquisition and retention were well ahead of concerns about cost reduction and efficiency. Concerns about security, especially cyber security and identity theft were also highly rated.
The survey was taken at Fundtech's annual US Client Conference held in Hilton Head, South Carolina in late May. This event is used as a platform for Fundtech to better understand its customer's opinions on industry challenges and trends. One hundred and thirty clients attended the event representing 78 banks of all sizes. Almost half of those responding to the survey had 15 or more years experience in banking.When asked to prioritise drivers for technology spending, bankers gave "meeting customer expectations" 45% of the votes versus 21% to "regulatory demands" and 16% to "cost reduction".When asked to prioritise the drivers for their bank's business strategy, respondents gave "customer retention" 33% of the votes, "new customer acquisition" 23%, and "cost reduction" 15%.The most important concern in the funds transfer area of the bank is 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.
Key findings of Fundtech's survey show that:
"These results provide us with excellent insight into our clients' concerns and help us better understand their most pressing issues," said George Ravich, chief marketing officer of Fundtech. "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."