For the eighth consecutive year, The Global Treasurer’s Transaction Banking Survey, sponsored by CGI, offers critical insight into the corporate-to-bank relationship.
The survey – which was sent to The Global Treasurer’s corporate practitioner subscribers and banking services providers – serves to better understand attitudes and emerging trends in banking services and also to identify how banking services are meeting the needs of finance professionals. Every year the survey produces a number of interesting and insightful results – and this year is no different.
Among our observations, costs sit at the top of the agenda for both corporates and banks. For the former, it is a key reason why many are now reviewing or consolidating their relationships with banks. For the latter, it is a key barrier to growth. If banks want to become valued partners and move beyond delivering commoditised products and services, they need to improve their overall suite of offerings. With that in mind, technology and the digital customer experience have clearly become key battlegrounds that range far beyond the traditional feature sets of historical offerings. Corporates require a clear view of their data and transactions to empower their decision making, and they want it in real time, with visibility across services and platforms. Providing these types of insights is where banks have the opportunities to forge tighter partnerships, and yet this is just as likely to become a competitive area. A barrier to these types of innovation is, of course, the legacy infrastructures many banks still sit on – hindering their aspirations and capabilities.
In addition, the report highlights:
– Corporates are streamlining their relationships this year
– Cost issues are forcing corporates to review their external relationships, while banks are feeling similar obstacles to their growth prospects
– Both banks and corporates expressed a desire to develop their strategic relationships. Banks understand that being a strategic and long-term partner is of key importance to corporate clients
– Real-time capabilities are becoming increasingly important to more corporates
Read about these opportunities and challenges, and a lot more by downloading The Global Treasurer’s Transaction Banking Survey 2020 today.