part 1 how to be a hero to your bank’s commercial clients
TRANSCRIPT
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01
How to Be a Hero to Your Bank’s Commercial Clients
Presented by
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Today's corporate bank clients are largely dissatisfied with the services their financial institutions are providing.
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✤ Only one in five corporate financial professionals responding to a CFO/SAP survey indicated a high level of satisfaction with their bank.
CFO/ SAP Survey
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✤ Such dissatisfaction remains prevalent despite the fact that bank marketers are vigilantly nurturing their business client relationships and adding value to attract new customers.
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Where is the disconnect?Why do corporate treasures feel that their banks are failing to meet their needs?
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Guidance✤ Survey respondents indicate their banks
are not effectively supporting them in their efforts to fulfill expanded roles across increasingly large and complex net works of businesses, locations and accounts.
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Guidance✤ With a recovering economy, they cite
cash management as a primary challenge where they need more guidance.
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Communication✤ Financial managers describe the quality
of current business communications from their banks as both inadequate and too infrequent.
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Trust✤ Many corporate treasurers lack trust in
their financial institutions due to what they see as their bank’s:
✤ Lack of understanding of their business in general.
✤ Inability to provide the kind of support their companies need to stay competitive within their specific industries.
Corporate Treasurer
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What is the cost of this disconnect?✤ Corporate clients say they're more
inclined than ever to seek out an alternate financial partner if these growing expectations and ongoing needs are not being met by their current financial institutions.
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Financial Impact?✤ The loss of a single corporate client having annual
revenues of $1 billion + can cost a bank more than $500,000 in net profit that could have been earned during a lifetime (eight-year) relationship.
Treasury Strategies Inc. benchmarking study
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What’s the good news?✤ Retaining 16 of these relationships = net
profit in excess of $8 million (over the lifetime of those relationships).
✤ By reducing defections by your corporate clients by 5%, you can improve your bank's net profits by as much as 80%.
The Loyalty Effect, the Hidden Force Behind Growth, Profits and Lasting Value
Fredrick Reichheld
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What can you do to retain these valuable clients?
Fortunately they've provided the answer to that question themselves:
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Corporates assert that in today's demanding business environment, they need more strategic insights.
CFO/SAP Survey
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They want…✤ Risk management expertise.
✤ Deeper analysis and objective advice on the business solutions best suited to their corporation's long-term goals and high-priority challenges, particularly in corporate cash management.
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They ask…✤ To be kept apprised of regulatory
issues that affect their industry.
✤ To be made aware of new technologies that might deliver greater efficiency within their organization.
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CFOs also reported that they wanted:✤ Concise, transparent and fact-based
business intelligence.
✤ Benchmarks as to how their company's financials compare to peers.
✤ Comparisons reported in terms of key performance indicators (KPIs) and capability/maturity comparisons.
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✤ A cost/benefit analysis for every proposed strategy or service.
✤ To know the total cost of ownership and a risk evaluation when considering a vendor's solution.
CFO/SAP Survey
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Financial pros are reported to prefer receiving these crucial business communications in the form of:
-Newsletters.-White papers and,-Industry-related case studies.
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In Summary
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You are the primary communications gatekeeper between your institution and
its clients.
You have a unique opportunity to deliver on each of these expressed needs and keep your clients from
straying to the competition.
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About the publisher
For more information, contact:FPS President Vince DiPaolo at 847-858-9566 or [email protected].
Financial Publishing Services is the industry leader in quality content development on behalf of corporate bank marketers.
FPS develops custom content for client newsletters, white papers, conferencepresentations, case studies, video scripting, landing page development, and bylined article writing and placement services. FPS also provides planning and content development support for bank-sponsored client events.
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