24 July 2014, London, UK - 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). This the key finding of a recent survey by EuroFinance, the global specialists in treasury research and events.
The survey showed that 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 who 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 who do not measure bank performance.
‘This is encouraging news for banks’ says Katharine Morton, Editorial Director of EuroFinance. ‘However the survey also showed that there is little consistency in how corporate measure performance, so determining consistent metrics and how to measure them is key.’
The survey, completed by 214 members of the EuroFinance Corporate Treasury Network, was part of the ‘Bank Relationships Project’, an initiative to identify and promote best practice in bank relationship management.
Download the full report below