New research by the Association for Financial Professionals finds that a majority of treasury and finance professionals are satisfied with the service of their banks.

Of the 784 treasury and finance professionals questioned, for the 2015 AFP Transaction Banking Survey, two-thirds indicated they are satisfied with the services their organizations’ banks provide.

Payments and cash management were the services most often cited, with 78% of respondents ranking payments service a four or five on a five-point scale. In addition, 71% ranked cash management a four or five.

Other key findings from the survey include:

• Over 90% of respondents believe having banks understand their business and operations is very valuable, and many would like banks to play a more strategic role in their business.
• Treasury and finance professionals cite financial stability of the bank (92%) and strategic support (91%) as factors they most consider when establishing a banking relationship.
• Areas where banks can improve their service include harmonization (58%), timelier information (54%) and a streamlined KYC process (51 percent).
• About one out of three corporate practitioners is open to new non-bank payment alternatives.

“Banking partners are crucial to the success of an organization’s treasury and finance group, and the 2015 AFP Transaction Banking Survey shows that banks are doing a good job,” said Jim Kaitz, president and CEO of AFP. “But there’s always room for improvement. In fact, the survey also found that nearly 50 percent of treasury and finance professionals are looking to review or renegotiate their current bank partner relationships.”