A strategic perspective on invoice-to-cash
Get a fresh perspective on improving the invoicing experience.
Topics: Information Reporting
According to a recent study by East & Partners (E&P), some of Australia’s largest companies are changing their tune when it comes to how they rate their incumbent banks’ innovation and value for money. So what’s causing this shift? E&P says it’s a competitive play by their international counterparts.
“E&P has for some time reported the growing presence of international banks targeting greater market share in transaction banking, debt capital markets, project finance and trade. What is not fully understood is the underlying shift in product and service experiences, expectations and forecasted demand, or what is fundamentally driving these preferences,” said E&P Head of Markets Analysis, Martin Smith.
“We see a direct impact on the bottom line of both incumbent Australian Big Four offerings and global banks alike as well informed treasurers seek out solutions that align with their need to streamline costs and incorporate new regulatory requirements more closely.”
E&P regularly interviews Australia’s Top 500 enterprises by revenue (A$725 million plus annual turnover) for a number of subscription research programs, providing comprehensive analysis of the way in which CFOs engage with their business bank on critically important treasury functions, financial products and service expectations through key banking relationships.
The latest study shows some significant shifts in customer relationships are on the near horizon:
“Customer churn in the institutional segment has historically been relatively low compared to mid-market and small businesses, but we are seeing heightened competitive pitching on more than just lower rates and better pricing,” said Smith.
“This is impacting relationship share across a number of key panel banking products. Clearly what previously passed as innovative and value for money will no longer apply into 2016 and beyond, requiring a close focus on the voice of the customer and peer benchmarking.”
Question is – are today’s ‘traditional’ banks stepping up their customer knowledge and offerings to combat these competitive threats or just waiting for the cards to fall?
TO GLOBYS ENEWSSign Up
Past, Present, and Future — Industry Trends, Research Results, and Best Practices
Be a part of a select group of professionals involved in strategies for invoicing, cash flow, and customer satisfaction.