WASHINGTON, Aug. 26, 2014 /PRNewswire/ -- At first glance, corporate treasurers are expressing satisfaction with their banking relationships, but scratch below the surface and they aren't completely satisfied with specific types of services offered, according to a survey report released today by gtnews, the global financial information resource.
Findings from the gtnews Transaction Banking Survey, sponsored by CGI for the second year running, show that companies now have between 6 to 10 banking partners and between 76 and 149 bank accounts around the world. As a result of increased globalization, this year's survey saw a 16% increase in the number of companies with over 150 bank accounts.
Most companies, they are reasonably satisfied with their banking partners regardless of region. A full 70 percent rate banking partners a '4' or '5' on a 5-point scale, with corporate treasury departments in North America marginally more satisfied than their Western European counterparts (73 percent vs. 69 percent).
Globally, the gtnews survey found that banking relationships tend to be influenced by a few critical factors. When companies select banking partners, most consider quality of service to be critical (98 percent), followed by availability of service (97 percent), and financial stability of the bank (95 percent). Only 78 percent of Asian companies surveyed rated quality of service to be critical, compared to 99 percent in North America and 98 percent in Europe.
Other services that companies ranked highly for banking relationships were payment capabilities (86 percent), technology platform capabilities (86 percent), and pricing (85 percent).
The survey found that 56 percent of corporates still access bank information by paper or fax and that even trusted banking partners fail to make information available in a way that could be used to make forecasting decisions.
"Corporate treasurers are looking ahead," said Graham Buck, editor of gtnews. "They are seeking bank partners that can help them expand, integrate information and make decisions for the future."
Financial professionals suggest that banks improve their service offerings by harmonising standards between banks and integrating services. Additionally, banking service providers can increase client satisfaction in the area of forecasting. The survey suggests that banks that are able to deliver on the above will strengthen their client relationships.
About the Survey
In May, gtnews surveyed corporate and banking readers, generating 1,007 responses, which included 263 from corporate practitioners. Regional analysis was limited to responses from the Asia Pacific, North America and Western Europe regions. Download the research on www.gtnews.com/research
gtnews, part of the Association for Financial Professionals, is the leading online knowledge resource for global treasury, finance, payments and cash management professionals. Under the guidance of an advisory board of European and Asian treasurers, gtnews provides weekly updates and an archive of over 8,500 articles, research reports, commentaries, webinars, and whitepapers with a global finance focus. The annual gtnews Awards for Global Corporate Treasury and Finance celebrate best practice in finance projects and provide executive level education and networking opportunities. Follow @gtnewsdotcom