Client experience will determine who wins and who loses in the zero-sum world of treasury services.
On average, industry growth rates for treasury services correlate closely with the nation’s GDP changes. “Average growth” is the critical term here: The top banks in the country continue to increase overall market share, meaning there is a significant gap between those growing at aboveaverage rates and those growing at below-average rates. For banks with targets above the industry average, any growth must presumably come from a “winners and losers” scenario where banks are taking business from their competitors.
Banks have traditionally invested in better products, sales and go-to-market process improvements, and experienced sales and support staff. We think these are still important investments. But, the difference between the “winners and losers” for banks of all sizes is increasingly pointing to a better, “easier” client experience (CX).
In our 2018 report, “Make It Easy: In Treasury Management, Client Experience Rules,” treasury clients named an easy experience as the most important factor in retaining or growing their relationship with their bank. To be sure, improving the client experience is a multifaceted challenge that touches virtually every aspect of client interaction, and often means confronting entrenched structural and leadership issues within the banks. But, addressing these challenges is critical for any bank that wants to compete.
Knowing the premium placed on CX by clients, to grow your treasury revenue at above-industry rates, investing in your client experience is essential.
In this paper, you will learn:
- The priority placed on ‘easy’ treasury client experience and how it impacts a bank’s potential to grow treasury revenue
- How to apply an ‘easy’ banking lens to the 4 Stages of Net Revenue Growth
- How stellar CX can translate into real, measurable revenue gains and how to chart a course to a customer-centric operating model