Banks’ corporate customers have always sought to grasp greater operational control over their cash, their banking relationships and the banking services that they consume. Whilst banks are beginning to come to grips with the rapidly evolving needs of these customers – such as the provision of virtual account services – there remain significant gaps between their service offerings and the customer needs. As a result, corporate customers are increasingly considering changing banking suppliers, and the banks themselves are finding it harder to attract and retain their business.
We are delighted to reveal the research findings of our new whitepaper: Virtual Accounts: Closing the Service Gap in Corporate Banking. Commissioned by Cashfac to Ovum Consulting, this independent research surveyed 150 banks and large corporates across Europe and North America. The findings identify and analyse the key gaps in service expectations between the banks and their corporate customers and explore the critical role of virtual accounts in tackling these differences over the next 18 months to reduce their customers’ service frustrations.
Selected key findings:
- 50% of European corporates have considered moving their main banking relationships in the past year.
- 62% of banks say that it is more challenging to retain and win new business than a year ago.
- 94% of banks say that providing virtual account services will enable them to win new business.