Corporate Financial Management
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Are You Satisfied With Your Bank Relationships? Is It Time to Switch?
Article on Controller's Report, Banking & Finance Charges • posted 11/28/11
Banking relationships, which in the best circumstances can last 12-years or more, have their ups and downs due to customer service failures, changes in key relationship officers, or the bank's inability to support the organization from a strategic standpoint. Organizations place a very high value on their banks’ understanding of their business and operations--and their ability to act as a strategic partner and work for long-term solutions. Bank fees, not surprisingly, also play a key role in satisfaction. Not only do firms want accuracy and transparency in the fees they are being charged, but they also want to be satisfied with the value they receive for the fees they are paying. Both these aspects of fees tend to foster the length of bank relationships. But, when the time comes to select and establish a new bank relationship, the most valued attributes are whether the bank is able to support the organization from a strategic standpoint and whether the bank offers “best-in-class” products and services.
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