|
SME market top priority for mobile banking |
|
A quick survey by Fundtech revealed
that bankers see strong demand for new services, especially mobile banking
among the small- and medium enterprise (SME) segment.
The company conducted the live poll
at its annual North American Insights client conference in June. Surveying 137
banking executives from over 100 financial institutions, the poll addressed the
challenges and opportunities banks face in targeting the SME segment.
Key findings include:
· 95% of bankers describe the untapped potential
of the SME market as equal to or greater than any other present opportunity;
57% describe it as huge or large.
· 60% said the demand for new services from their
SME clients is more than usual, while almost 20% said that the increased demand
is "unprecedented."
· 38% said developing or expanding their mobile
banking channel is their bank's top priority for the SME market. Reducing the
cost of servicing this segment is also a top priority (34% said it was their
number one priority).
·
67% think social networking has a potential role
in their SME plan, though they are not yet sure how.
· Almost 60% said they see some evidence of nonbank
competitors taking away business from them in the SME segment.
Regulation and compliance stood out
as leading concerns among the bankers surveyed. Results show a continuing lack
of clarity around what must be done to comply with new regulations (such as
Dodd-Frank), and the expectation that there will be additional regulations to
follow.
·
Over 30% said that they either were not sure
what their department must do in order to comply or they had many questions.
Almost 50% said that they "mostly" understand what they need to do.
· Most (56%) believe that Dodd-Frank will undergo
major revisions in the coming years, while 33% think that "this is just the
beginning" and that there will be many more new regulations.
George Ravich, Fundtech chief marketing
officer, says: "The SME market offers an enormous growth opportunity to banks
that understand their unique needs. For the millions of SMEs that consider
their pick-up trucks as their offices, the mobile channel provides a compelling
level of convenience and control. The key to success is offering this market
segment well-designed options that are developed for the three major platforms-smartphone,
tablet and computer."
http://www.fundtech.com/news/171/nearly-80-bankers-report-increased-demand/
[This
article was posted on August 6, 2012, on the website of ABA Banking Journal,
www.ababj.com.]
Trackback(0)
|
TrackBack URI for this entry
Subscribe to this comment's feed
