In a competitive market, banks are increasing their attention on treasury management to help drive fee-based revenue and meet rising client expectations. Explore seven trends across the treasury management onboarding process that can help banks improve customer satisfaction, grow market share, and increase bank profitability.
Treasury management products and services have long been recognized by banks as tools to deepen relationships and create “stickiness” for existing customers. These products and services also provide over 27% of a bank’s total revenue and are critical differentiators in attracting large corporate deposit balances.
In recent years, the 30+ new and existing treasury management products that generate this revenue are becoming increasingly technical and complex to implement. Coupled with increased competitive pressures and rising client service expectations, banks are continually challenged to do more with less. And yet, the dated approaches and tools used to support treasury management clients, particularly for new product onboarding, remain noticeably unchanged.
It is critical that banks reconsider their approach to treasury management onboarding and servicing to drive bank profitability and client satisfaction, without sacrificing internal efficiency.
Based on work with leading banks, we identified seven trends across the treasury management onboarding process to improve customer satisfaction, grow market share, and improve speed to revenue.
Treasury clients have a wide array of needs and represent different values to banks, yet all yearn for an experience that feels personal and relevant to their business.
Today, most treasury onboarding processes are aligned to serve internal bank departments rather than the client itself, forcing clients to navigate repetitive, disjointed activities across client onboarding, deposit account opening, loan origination, and treasury onboarding. Providing a singular treasury management onboarding and servicing experience, or one that is siloed from other commercial functions, does not generally result in high client satisfaction or maximize bank resources.
In this environment, leaders should put an emphasis on improving the treasury onboarding experience through personalized advice-driven service, increased autonomy and convenience, and improved speed and transparency. Investments in these areas can lead to improved client and employee satisfaction and sustained profitable growth.