How to Develop a Useful Program to Monitor Bank/Corporate Service Quality

Companies use bank report cards for a variety of reasons. TIAA-CREF began using bank report cards because it had to switch from a monthly account closing to a daily closing in order to produce acknowledgements for the receipt of cash for its participants within 5 business days. There are several ben...

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Bibliographic Details
Published in:AFP exchange 1992-11, Vol.12 (6), p.38
Main Author: Giordano, Chris
Format: Magazinearticle
Language:English
Subjects:
Benchmarks
Cash management
Cash management services
Corporate Services
Criteria
Data transmission
Financial management
Financial services
Meetings
Quality of service
Quality standards
Selection
Service Quality
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Summary:Companies use bank report cards for a variety of reasons. TIAA-CREF began using bank report cards because it had to switch from a monthly account closing to a daily closing in order to produce acknowledgements for the receipt of cash for its participants within 5 business days. There are several benefits to be gained through the use of a report card. For the treasury manager, a bank report card opens lines of communication. It can also offer a competitive advantage and provide banks with an opportunity to develop new services. The first step in using a bank report card is to identify the banks and services the company wants to evaluate. The next step is to create benchmarks. Once companies have determined their benchmarks, the key to making the system work is acceptance by their service providers. The last step in using a bank report card is communicating the results to the service provider.
ISSN:1528-4077