Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
Eight years after the onset of the global financial crisis, signs of a new era in global transaction services are becoming apparent in the Euromoney Cash Management Survey.
In total, more than 300 banks that provide cash management services received votes in this year’s survey. Euromoney received a record number of validated votes: more than 32,000 corporates took part in the survey, and more than 2,200 financial institutions voted.
Globally, the leadership of the biggest international banks goes relatively unchallenged in Euromoney’s industry benchmark survey, the results of which are published 26 September on www.euromoney.com to coincide with the opening day of the annual Sibos meetings.
Banks with global capabilities, but a more regional focus, rise within the top 10: Italy’s UniCredit moves into the top five, and Standard Chartered, Bank of Tokyo-Mitsubishi UFJ and France’s Société Générale all gain places.
In the rankings of banks from 11th to 20th place, regional powerhouses such as Itaú, Bank of China, ICBC, Santander, ADCB, DBS and Sumitomo all post big rises in their overall global rankings.
In the regional results, while the top ranked banked is often one of the global leaders – Deutsche Bank in Western Europe, Citi in CEE, Africa and Latin America, and HSBC in the Middle East and North America – those pre-eminent positions are under greater threat than ever before.
In Asia, Bank of China has pushed HSBC off the top spot, ICBC takes third place and DBS clinches fourth – an impressive rise from 15th place last year.
In four of the biggest emerging markets, the winners overall for corporates are local banks – Brazil (Itaú), China (ICBC), Russia (Promsvyazbank) and the UAE (ADCB).
In a market where many banks are considering their correspondent banking relationships, there are two new entrants to the top five overall: Bank of New York Mellon and Sumitomo. JPMorgan jumps from eighth place to sixth. Commerzbank, Bank of America Merrill Lynch, Standard Chartered and Barclays all fall by at least two places, although they maintain their position in the top 10.
Most participants in the survey are experiencing the benefits of banks’ increasing focus on providing transaction services – 88% of respondents stated there is now more competition for their business, while 89% believe greater competition has improved the quality of service being provided. It has also resulted in cost savings: 79% responded that increased competition has been beneficial to the price of cash management services.