Corporates Admit: ‘We’d Pay More for Improved Payments Services”

Six in ten corporates would pay additional fees to banks for improved, more detailed information about their payments, according to a poll by gtnews on behalf of LogicaCMG. Furthermore, a third of respondents claimed they would consider switching banks for such information. The poll of both banks and their corporate customers contradicts the widespread industry perception that corporate customers are unwilling to pay for new or improved banking services – a theory that has held back new investment in the payments industry, according to LogicaCMG. The poll also highlights that while banks have been criticised in the UK media over recent profit announcements, 85 per cent of banks felt they offered value for money for their payment services and half of their corporate customers agreed. Commenting on the findings, Terry Quigley, financial messaging director, global financial services at LogicaCMG, said: ‘While half of banks’ corporate customers believe that they receive value for money, they would pay more for more detailed information. There is obviously unfulfilled demand from corporate customers, which would justify new investment. This would allow banks and corporate customers to move their payments business forward, rather than simply reacting to changes with little or no customer benefit such as new regulatory mandates, market infrastructure changes or technology obsolescence.’


Related reading