Transaction banking has long been perceived as highly commoditised. Banks often describe their propositions in similar ways, making it difficult for clients to tell them apart.
What is truly important to treasury and finance professionals in selecting a banking partner, and what can they do to stand out?
We surveyed and interviewed over 300 CFOs, treasurers, and finance directors to find out what they want from a bank today, and how this will change in the future. Some of the key findings are:
- Current expectations of banks reflect the perceived undifferentiated nature of transaction banking, with pricing being one of the most important criteria.
- However, almost three quarters of survey respondents expect their criteria to change over the next five years.
- In the near future banks can stand out from the pack with innovation-led propositions that provide real world value to their clients.
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Using both an extensive quantitative survey of senior treasury and finance executives and in-depth qualitative interviews, we set out to discover what corporates look for in a transaction bank today – and how that’s likely to change over the next five years.
Jared Colby, Partner at Ideas and Action explains what we learned after interviewing and surveying 300+ treasury and finance professionals.
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