Most People Think Their Funds are Secure, Yet They Want More Visibility, Security and Compliance for Assurance
SAN JOSE, Calif., April 25, 2011 – NES Financial (NESF), a leading provider of trust and escrow administration services and technology for the banking industry and Fortune 500, today announced the results of a survey in which four out of five respondents representing the banking, financial services and other industries engaged in complex financial transactions, said they are confident they know where their money is located at all times and that it’s safe. At the same time, more than half of respondents said they believed the processes still need further improvement to provide more security for funds and greater online visibility.
“It’s quite the paradox of conflicting perceptions that people think their money is safe yet call for more visibility, security and compliance measures regarding how their funds are being held and who’s touching their money – authorized or not,” said Michael Halloran, president and CEO of NES Financial. “The truth is that we have not learned the lessons of the recent economic meltdown. Even in highly regulated industries such as financial services, we’re still seeing malfeasance as some companies continue to make risky investments leveraging clients’ capital without their knowledge.”
The study pointed out that more government intervention regulation is not the remedy to improve transparency, security and compliance, according to the majority of respondents. Private sector solutions are better suited to prevent fraud and abuse in complex financial transactions, such as multi-party trust and escrow administration.
Maintaining security of client data is always of the upmost importance in all NESF solutions. The company has added new solutions to its SaaS technology to enable companies move into cloud computing, providing better service to their customers, protecting customers’ funds and providing transparency to complex business processes. Easier integration into existing systems, better reporting and an enhanced user experience are now available for a wide range of industries, including banking, real estate, law, oil and gas, aviation, transportation and leasing.
The NES Financial survey polled over 150 top financial decision makers at the director level and above. For more information on about the NES “Where’s My Money Survey” survey, please visit www.nesfinancial.com.
About NES Financial
NES Financial (NESF) is the nation’s leading provider of secure, transparent and compliant financial administration and 1031 exchange solutions for Fortune 500 companies, financial institutions and law firms. Combining proprietary state-of-the-art technology and outstanding client services with subject matter expertise in trusts, escrows and 1031 exchanges, NESF delivers flexible and scalable solutions that safely process over 70 billion dollars each year.