Survey: Two-Thirds of Treasury and Finance Professionals Are Highly Satisfied With Banks’ Service
AFP Transaction Banking Survey finds areas for improvement are harmonization, timelier information, and a better KYC process.
September 22, 2015 BETHESDA, Md. -- New research by the Association for Financial Professionals finds that a majority of treasury and finance professionals are satisfied with the service of their banks.
Fully 784 treasury and finance professionals were questioned for the 2015 AFP Transaction Banking Survey. Read the executive summary and full results here.
According to the 2015 AFP Transaction Banking Survey, underwritten by CGI, two-thirds of treasury and finance professionals indicate they are satisfied with the services their organizations’ banks provide. Payments and cash management were the services most often cited: 78 percent of respondents ranked payments service a 4 or 5 on a 5-point scale. Fully 71 percent ranked cash management a 4 or 5.
Other key finds include:
- Over 90 percent of respondents believe having banks understand their business and operations is very valuable, and many would like banks to play a more strategic role in their business.
- Treasury and finance professionals cite financial stability of the bank (92 percent) and strategic support (91 percent) as factors they most consider when establishing a banking relationship.
- Areas where banks can improve their service include harmonization (58 percent), timelier information (54 percent) and a streamlined KYC process (51 percent).
- About one out of three corporate practitioners is open to new non-bank payment alternatives.
“Banking partners are crucial to the success of an organization’s treasury and finance group, and the 2015 AFP Transaction Banking Survey shows that banks are doing a good job,” says Jim Kaitz, president and CEO of AFP. “But there’s always room for improvement. In fact, the survey also found that nearly 50 percent of treasury and finance professionals are looking to review or renegotiate their current bank partner relationships.”
Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.
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