20 February 2018
visit www.nextgenbanking.co.uk/

Corporates willing to pay more for better service from banks - Finextra survey

22 October 2010  |  10459 views  |  3 Digital Abstarct

Over two thirds - 68% - of corporates would consider switching banks for better customer service around on-boarding, account maintenance and query handling, a 24% rise on the previous year, according to a survey from Finextra Research and Pegasystems.

The survey of 98 senior professionals from banks and corporates in Europe, Asia and the US built on a similar one conducted last year, which focused on client on-boarding and account opening. This year the research was extended to cover account maintenance, inquiry and request management, corporate customer satisfaction and propensity to switch.

In perhaps the most telling responses, 57% of corporates say they would accept paying higher fees for a Web portal with more sophisticated self-service that allows them to manage their entire portfolio online. Another 46% say they would pay more for consistent service across different regions, channels and lines of business.

Over half - 53% - cite quick turnaround times to requests and inquiries as one reason they would increase doing business with a particular bank.

This message from increasingly demanding and sophisticated corporate clients appears to be getting through to the banking sector. While just 26% of bank respondents in last year's survey said they had invested money in improving and automating on-boarding and service processes in 2009, 64% claim to have done so in 2010, with 84% indicating they have budgeted for investment in this area in 2011.

Download the full free Corporate Customer Satisfaction Survey report here.

Comments: (3)

A Finextra member
A Finextra member | 22 October, 2010, 21:09

I wonder how many would actually vote with their feet? Changing banks is a rare action by corporates and consumers alike. Personally i would advocate everyone changing if the service and price is not right. A certain way to shake up a very cosy bank

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Bob Lyddon
Bob Lyddon - Lyddon Consulting Services - Thames Ditton | 23 October, 2010, 15:44

A public survey which only had 98 respondents - not all being corporates - can hardly claim that its findings about corporates are authoritative. It would further undermine its authority if any of the respondents turned out either to be in the finance departments of the sponsors or to be participants in the EBAM or E&I services - for which the survey is a market stimulation exercise. Lastly it is hard to assess a statement that "68% of corporates would consider switching banks for better..on-boarding", when on-boarding is itself the process of switching banks. There is a certain circularity about that claim; does it mean that they intend to switch banks for the fun - or rather lack of fun - of it?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 08 November, 2010, 15:56

Just to clarify, the following corporates and banks have responded to this survey:

Heads of treasury from the following corporates (partial list): Aegon, Bayer, Caterpillar, Dell, Dow Chemical, H&M, Heineken, IKEA, NEC, Nestle, Nokia, Porsche and Virgin.

Heads of client service and/or product management from the following banks (partial list): Citi, JPMC, Lloyds, HSBC, Standard Chartered, ANZ, BNY, Barclays, Bank of America, BNP, Caja Madrid, Credit Agricole, Commonwealth bank of Austrlia, Deutsche Bank, ING, Intesa, Nordea, Rabo, RBS, SocGen, Santander and many more... 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Finextra makes Sibos first with B2B social media simicast

Finextra makes Sibos first with B2B social media simicast

24 September 2010  |  10850 views  |  0 comments
Join the big conversation with Finextra@Sibos

Join the big conversation with Finextra@Sibos

17 September 2010  |  9363 views  |  0 comments
Pegasystems agrees $161.5m Chordiant acquisition

Pegasystems agrees $161.5m Chordiant acquisition

15 March 2010  |  7930 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comvisit www.nextgenbanking.co.ukvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11764 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9387 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9199 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7957 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7284 views comments | 19 tweets | 18 linkedin

Featured job

Find your next job