Search
 

Pain Points in New Banking Relationships

Survey reveals where companies feel the most pain coming up to speed on banking servicesand that they feel more pain in onboarding than banks realize.

By Treasury & Risk Staff | Updated on December 03, 2013

To gain a better understanding of the complexities and inefficiencies inherent in modern “treasury onboarding,” Treasury Strategies recently undertook a survey, commissioned by WAUSAU Financial Systems, a vendor of solutions for payments and receivables processing. The survey gauged the opinions of both banks and corporate users of banking services about the process through which banks sell and then implement new services for corporate clients. Corporate treasurers may not be surprised to learn that the businesses outside the financial services sector see more problems with the process than do their banks.

Treasury Strategies asked the corporate respondents how frequently they face issues such as a lack of visibility into the implementation process, unnecessarily long or inefficient implementations, and poor communication with the bank. “All of those problems were rated above a 3 out of 5, with 5 meaning ‘very often,’” says Chris Zegal, vice president of marketing at WAUSAU. “An issue rated 3 probably occurs fairly often.” The average frequency rating that large companies assigned to the problem of lacking a clear view into the implementation’s status was 3.8, and these organizations experience communication problems at a frequency of 3.5 (see Figure 1). “Since all of these are rated above a 3, the companies probably have some sort of challenge in every implementation. It seems like problems are the norm rather than the exception,” Zegal adds.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.