Firms Will Pay for Banks More for Better Customer Service

Firms Will Pay for Banks More for Better Customer Service

Banks may be able to charge businesses more money for corporate banking if they improve customer service.A joint survey by Finextra Research and Pegasystems revealed that the majority of corporations would pay higher fees for a wider range of technologically advanced banking services.The survey revealed that 57 per cent of businesses stated that they would be willing to pay more money for a web portal with better self-service that enables them to manage their complete portfolio over the internet.Pegasystems' Tony Young said: "Corporate clients want better service and one rising concern is the ability to access their portfolio from anywhere, so I'm not surprised they are willing to pay higher fees for it."In addition, 46 per cent of firms said they would be happy to pay a higher fee for consistent service across different regions, business lines and channels, while 53 per cent said they would do more banking if inquiries were met more quickly.Financial institutions who do not improve customer service may lose out on business as 68 per cent of corporations said they would consider changing their bank if they became unhappy with the level they received.Paul Penrose, Finextra's head of content, said: "This comprehensive survey, which culled data from several key titles in customer service and treasury roles, shows the shifting market in financial services."More and more global corporations want additional value from their banking relationships."Banks appear to be listening to the demands of their customers as the survey discovered that many are planning to invest in methods to improve customer service in the future.IT departments in banks are to spend more to improve areas such as automated on-boarding and service processes as 84 percent of banks say they will spend money in this sector of their business next year.The Business Finance Taskforce has announced 17 measures to improve customer service and provide better information and promote understanding about banking facilities.Angela Knight, British Bankers' Association chief executive, said: "The proposals are substantial, wide ranging and a real opportunity for the banks to provide finance and support, both directly and through partnership with business organisations up and down the country."The actions to improve customer service involve the establishment of a network of business mentors, publishing lending principles and supporting a transparent appeals process.The Business Lending Taskforce was founded following the publication of 'Financing a private sector recovery', a government green paper in July.

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