Bank Satisfaction With Cash Management Technologies
Report Summary
Bank Satisfaction With Cash Management Technologies
Growing customer demands have exposed gaps in existing cash management/treasury technology for many banks.
Boston, MA, May 24, 2010 – A new report from Aite Group identifies weaknesses in vendor-built cash management solutions and makes recommendations as to how these solutions can be enhanced to better meet the needs of large financial institutions and their increasingly demanding customers.
Bank treasury services groups have begun enjoying a more prominent status within their organizations since the start of the financial crisis, but growing customer demands have exposed gaps in existing treasury technology for many banks. Based on the results of Aite Group’s online survey of 16 large U.S. based cash management institutions (completed in March/April, 2010) as well as in-person and telephone interviews with leading vendors and industry thought leaders, the report shows that large banks depend heavily on vendor-built solutions, and that approximately one-quarter of them are likely to invest in cash management/treasury technologies over the next two years. Vendors must further enhance solution reporting capabilities, ease of use, and international functionality to win this business.
“Bank treasury services departments must better leverage technology to address customer needs, identify new market opportunities, and fulfill market demands,” says Christine Barry, research director with Aite Group and co-author of this report. “In doing so, institutions are increasingly looking to vendors to provide them with necessary technology enhancements. As these institutions examine existing solutions, many are considering replacement; some of the largest banks, however, still question whether vendors are up to the task.”
This 17-page Impact Note contains nine figures and one table. Clients of Aite Group's Wholesale Banking service can download the report.