Despite much of the economy feeling that banks are closed for business and not providing the level of service necessary in today’s market, research from Real Business has suggested otherwise.
In drawing the first 1,000 responses to the 2015 FDs’ Satisfaction Survey, we can conclude that not only are FDs and CFOs happy with the personal relationship on offer, but most believe they are getting value for money and “extra value” from services.
The FDs’ Satisfaction Survey, conducted in partnership with the ICAEW, has now been run since 2001 and polls the UK’s finance directors and financial decision-makers to gauge their satisfaction with key service providers. The results are also used to determine the winners of the annual FDs’ Excellence Awards, held in association with ICAEW and supported by the CBI.
Read more about the FDs’ Excellence Awards:
- The UK’s best FDs and financial service providers revealed
- Britain’s most inspirational FDs uncovered
With the survey set to run until 28 February 2015, early results indicate a positive relationship between FDs and banks. When asked whether they were happy with their bank’s ability to deliver the required service and any “extra value”, 52 per cent revealed their bank added real value by giving a score of five on a scale of five to one. A further 30.4 per cent awarded a four, with only 6 per cent giving any kind of negative score.
For the survey question, how satisfied were you by the value for money you got for your fees, 31 per cent answered with “a bargain” by scoring five, alongside 36 per cent which scored a four.
In a separate pull of results from earlier in February, the majority of FDs and CFOs indicated their favour of the UK remaining in the European Union and noted that the free movement of labour was a good thing.
Banks have struggled to maintain a positive public perception due to an apparent lack of lending to SMEs, large bonuses and evidence pointing to rate rigging. The FDs’ Satisfaction Survey will also indicate which service providers win awards at the FDs’ Excellence Awards. Auditors and accountants, banks, technology provider and other suppliers are graded as part of the survey.
If you are an FD or CFO and would like to have your say on topics ranging from the European Union to views on government policy, then register your vote.By Hunter Ruthven
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