Corporates willing to switch banks for better payment services - survey

Corporates willing to switch banks for better payment services - survey

Nearly half of corporate customers say that they would be willing to leave their current bank if they believe another offered better payment services, according to a SunGard survey.

The survey of 171 corporations from multiple industries, found that the typical respondent sends thousands of payments to hundreds of vendors each month, with some spending upwards of 80 hours a month processing transactions, incurring tens of thousands of dollars in annual direct and labour costs.

Although 45% say that they would switch banks for better payment services, there is considerable ignorance among respondents about what their providers offer. Just under half (48%) either do not know what payments services their bank offer or skip the question.

Among those who do respond, more than 80% report that their current bank does not offer both of the payments services they wanted most: an integrated product and vendor enrolment services.

Nancy Atkinson, senior analyst, Aite Group, says: "Payments are fee-based, and were strong contributors to bank revenue during the economic crisis. By implementing the key solutions most sought after by business customers, banks will achieve cost savings and greater revenue opportunities going forward."

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