What Do Corporate Treasurers Want Most From their Banks?

Sometimes when I talk with corporate treasury professionals about their banking relationships, there very much appears to be an "us vs. them" mentality. But if recent AFP research is any indication, banks truly appear to be doing something right.

According to the 2015 AFP Transaction Banking Survey, underwritten by CGI, corporate treasurers value their relationships with their bankers more so than in the past. Two-thirds of respondents indicated that they are satisfied with the services their banks provide. This includes payments and cash management services primarily.

Corporate respondents generally believe that if a bank understands their business well, this leads to stronger and more lasting relationships. They expressed their desire to have their banking partners take a more strategic role in their business as a result. Corporate respondents also want to see a strong financial track record and strategic support when establishing a relationship.

Of course, there is always room for improvement. Banks can improve their relationship with corporates in several areas: Harmonization of standards, timelier information and streamlining the know-your-customer (KYC) process. Many of our members discuss how the KYC process is often a hindrance in setting up bank accounts—banks that have streamlined or centralized the process are favored often over others.

Other noteworthy items from the survey: it's typical for a corporate to work with six-to-ten banks, and over 90 percent have multiple relationships. Corporate respondents are also open to non-bank providers; one in three indicated that they would be open to payment alternatives.

Read the Full Survey *

*Note: This 30 page survey and report was developed exclusively for paid members of the Association for Financial Professionals, but has been made available to our readers at no charge, compliments of the AFP.