Corporate treasurers with a formal process for measuring the performance of their banks give their banks the highest ratings in terms of value for money (vfm), according to a survey by EuroFinance.
The treasury research and events group said that the survey showed 71% of corporate treasurers believe that all or a majority of their banks deliver vfm. However 58% of companies either have no formal measurement process for bank performance, or do not measure performance at all.
Companies which measure performance with metrics rate their banks’ performance highest with 88%, stating that all or a majority of their banks deliver vfm. This figure drops to 54% for companies that do not measure bank performance.
“This is encouraging news for banks,” said Katharine Morton, editorial director of EuroFinance. “However the survey also showed that there is little consistency in how corporates measure performance, so determining consistent metrics and how to measure them is key”.
The survey was completed by 214 members of the EuroFinance corporate treasury network and was part of the ‘Bank Relationships Project’, an initiative to identify and promote best practice in bank relationship management.
The full report may be accessed at: www.eurofinance.com/bankreport.
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