Trust Number One Factor in Banking Relationships, says 70% of Corporates
A survey of corporate banking customers found ‘trust’ to be the number one factor in building valuable banking relationships for a majority (70%) of corporate respondents, according to a survey by S1 Enterprise. As the financial landscape continues to shift, 50% of corporate respondents noted that they intend to keep their banking relationships limited to a small group of less than five institutions (the smallest option available on the survey questionnaire).
Only 41% of large corporations indicated they would be likely to recommend their financial institution to a friend or colleague, and only 46% noted that they are likely to continue a relationship with their bank.
“Banking relationships are clearly at a crossroads,” said Mark Moore, vice president of marketing for S1 Enterprise. “But the more important question is what banks can do to combat these trends and rebuild relationships with their customers, both on the consumer and corporate sides of the business. The way in which banks interact with their customers matters today more than ever.”