Successful corporate banking: keep customers close
Strengths and challenges
About two-thirds (67%) of finance executives said value-added advice and insights from their core banking partners is a top benefit from their bank relationships. Core banks are often viewed as sounding boards, and half of respondents cited innovative ideas as another top benefit.
However, corporations are wary of banks that only look to upsell; finding the right balance between service and sales is crucial. In a related area, most respondents feel fairly satisfied with the fee structures of their core banks.
Top benefits to working with core banks
Top challenges dealing with banks
Challenges exist as well. A slight majority of respondents (56%) cite a lack of consistency and quality of services across geographies as the single biggest complaint. Lack of communication, inconsistent pricing and outdated processes are also frequent sources of frustration.
Steven Lewis, Lead Global Banking Analyst, summarizes the issue: “Corporations expect that top-tier banks come to the table with a certain depth and breadth of products and services. The challenge for banks is delivering consistent service quality and pricing globally. To do so, they must make sure their local teams are communicating and align compensation to reduce personnel turnover.”