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Banks Missing Crucial Opportunity to Offer Multi-Channel Mobile Access to Treasurers, According to New Treasury Strategies Study

  • 80 percent of treasurers consider multi-channel access important
  • 53 percent say it is a key factor in selecting a new banking relationship
  • 47 percent of banks are currently offering consistent multi- channel access

Fundtech, a market leader in global transaction banking solutions, today announced the findings of a sponsored study from Treasury Strategies that explores the growing demand for integrated, multi-channel (desktop, tablet and smartphone) banking services among corporate treasurers. Treasury Strategies, an independent treasury management consulting firm, surveyed over 200 companies of various sizes across six continents and found overwhelming evidence that Corporates are placing greater value than ever before on consistent multi-channel access to information and services from their banks. Almost 80% of respondents felt it was important that their bank offer multi-channel access, and over half said it would be a key decision factor when selecting a new bank relationship.

Growing importance of consistent multi-channel access

The rapid growth in business use of tablets and smartphones is changing the way companies of all sizes interact with their banks. The research found that companies will make a massive leap over the next 12-18 months from single-channel to multi-channel use and that treasury professionals expect their banks to offer a consistent experience across all channels:

  • 43% of those surveyed are currently using more than one channel to access their treasury information and services. Over the next 12-18 months 60% expect to use multiple channels, an increase of nearly 50%;
  • Over the next 12-18 months the number of treasurers using only a single channel (presumably desktop) to access bank information and services will decline by more than 50%;
  • 78% say that accessing their treasury information and transaction services in a consistent way across all channels is either extremely or very important;
  • Less than 8% consider multi-channel access not important at all

According to Mike Gallanis, Treasury Strategies’ head of Corporate Consulting Practice: “We are especially surprised with the number of Corporates who indicate that the offering of a multi-channel solution would be a factor in choosing a new banking partner. Banks would be well advised to develop and deploy a multi-channel solution in order to meet growing demand from Corporates.”

Commenting on the research findings, George Ravich, Fundtech Chief Marketing Officer, said: “The research clearly indicates that treasury professionals are demanding consistent, standardized multi-channel access to their banking information and services. Banks must act now to deliver this new generation of convenience and efficiency to their corporate clients or risk losing them to competitors. Fundtech currently offers a consistent multi-channel cash management solution that is helping its bank customers to address this market need and be more competitive. Our introduction of CASHplus Mobile Corporate Banking for Tablets addresses this need in the marketplace.”