Global financial institutions see retaining the loyalty of more demanding and better informed customers as their biggest challenge of 2013, according to a report from Temenos and Deloitte.
The survey, carried out at the 6th annual Temenos Community Forum, found that 29% respondents identified loyalty as the biggest challenge of 2013.
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Respondents (23%) claim more intense competition from start-ups in 2013 pose a threat to the industry for the first time.
Ben Robinson, Temenos director of strategy and marketing, said: "What is interesting about the findings is the extent to which industry players now seem to be reacting.
"The industry has changed its corporate priorities to focus on those areas such channels, product innovation and IT modernisation that can help it react more quickly to market changes, build competitive differentiation and improve the customer experience."
Robinson added: "What is clear is that those financial institutions that react quickest will be best placed to succeed over the coming years."
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By GlobalDataPayment providers, such as PayPal were recognised as the fastest-growing threat, mentioned by 18% of respondents versus 11% in 2012.
Last year’s survey showed that the industry saw its biggest challenge as coping with new regulations.
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