According to Finextra’s most recent Corporate Customer Satisfaction Survey 2010, 30% of customers have reduced their business with one or more of their banks in 2010 due to inconsistent customer service across channels, regions and lines of business; and poor web access to service and information channels. On the other hand, 57% have increased business with one or more of their banks within the past 12 months due to quicker turnaround time for requests and enquiries and better access to service and information channels.
The economic downturn and the sophisticated technology available today has increased the competition in the corporate-to-bank space and now more than ever, banks are required to become easier and quicker to do business with. In addition, clients like to be empowered to run their own inquiries and prefer self-service portals over phone or email.In the same survey it was also found that the competition in this market is not about price any more. 56% of the corporates asked said they would accept higher fees from their banks for better self-service capabilities; 46% would be willing to pay higher fees for consistent customer service across all channels, regions and lines of business. This reflects on the current level of these services or the lack of them.
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