Basic aspects of dealing with banks – opening a new account, configuring a lockbox, structuring file delivery, and so on – are too painful, according to a survey of corporate treasurers and banks released on Monday.
Corporate clients said they experienced problems like lack of a clear view into the implementation process, poor communication with the bank, too many paper forms, an overly lengthy implementation process, and redundant information requested by the bank, at least 50% of the time.
“It’s an interesting time for banks — in the past they competed on functionality and products, now they are competing on customer experience,” says Dave Robertson, partner and director at Treasury Strategies, the consulting firm that conducted the survey, which was sponsored by Wausau Financial systems. “Banks have realized they’re too bank-centric, they make customers jump through hoops. They’re trying to make the whole experience easier, more transparent and more intelligent.”
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