Two out of five (42%) large and mid-sizes banks in North America are not satisfied with their existing corporate online banking and corporate portal applications, a new study finds.
According to research firm Aite Group, nearly half (45%) of those institutions plan to increase their IT spending in this area over the next 24 months as result.
In addition, less than a fifth (19%) of US-based corporates find that their banks’ reports are customisable and provide exactly what they are looking for.
The large majority either have to create some of their own reports or choose not to use any of the bank-offered reports.
Because of this, reporting is now an area of focus for banks as well as their technology vendor partners.
While many banks are not satisfied with their existing online and mobile cash management offerings, the number of US-based financial institutions that have signed contracts to replace their existing cash management solutions has declined slightly during each of the past few years.
This slowdown in activity has been due in part to other priorities and regulatory distractions.
Nevertheless, Aite Group still forecasts a 6% increase in the number of new cash management contracts that will be signed over the next few years.
Sally Percy is editor of The Treasurer