Businesses Willing to Switch Banks for Better Payments: Survey

Almost half of corporations surveyed said they would be willing to leave their current bank if they believed another bank offered better payment services, a new study from SunGard Data Systems found.

The corporate business-to-business payments study also showed that 48% of businesses did not know what payments services their banks offered or skipped that question. Of those that did respond, more than 80% reported that their current bank did not offer both of the payments services they wanted most, which were an integrated solution and vendor enrollment services, SunGard said Monday.

The willingness of businesses to consider alternatives means banks can reduce their risk of attrition and possibly gain new customers by expanding their payments offerings, the software and technology services company said.

The study included responses from 171 corporations in multiple industries with annual revenues from under $250 million to more than $5 billion.

SunGard, based in Wayne, Pa., was ranked No. 4 on Banking Technology News' 2011 FinTech 100 list. The list ranks the top technology providers to financial services companies.