BETHESDA, Md. -- The majority of treasury and finance professionals are satisfied with the service of their banks, according to new survey of 784 treasury and finance professionals by AFP.
The 2015 AFP Transaction Banking Survey, underwritten by CGI, found that two-thirds of treasury and finance professionals 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.
“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.”
Other key findings:
- 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.