The top banks in cash management and trade finance in the region

From cash management to trade finance – these are the top Asian institutions which provided the best service satisfaction, according to the Client Satisfaction Index

Working in increasingly competitive markets, banks are being pressured to come up with new solutions to help CFOs and treasurers resolve inefficiencies in their operations. Service satisfaction more than ever is being seen as a key indicator of an institution’s ability to cement a long-term relationship. The same situation also exists in transaction banking, where Asset Benchmark Research reveals the top banks in Asia based on service via its Client Satisfaction Index 2019 (CSI).

In terms of cash and liquidity management satisfaction, HSBC came out on top, knocking off last year’s leader Standard Chartered which finished fifth this year. The bank has been cited as being able to effectively deploy and integrate with payment infrastructures in the region such as Hong Kong’s Faster Payment System.

Indonesia’s Bank Danamon led the way for local banks as it was praised by clients for its seamless approach in handling client requests. The bank has high prospects for its cash management business following its recent merger with MUFG Bank. Other local banks such as China Merchants Bank stood out against other cash management banks for its focus on technology helping Chinese companies with cross-border cash management with its international operations.

Traditionally a trade finance bank, HSBC earned top marks for satisfaction for their trade finance and working capital services, beating out a slew of Chinese banks. The bank has made it a point to be at the forefront of any technological innovation in hopes of innovating the paper-based industry.

Just this year, HSBC used blockchain platform Voltron to issue a letter of credit involving a shipment of wool by Fox & Lillie in Australia to China SDIC International Trade Nanjing Company in China, significantly reducing the time it takes to compete a transaction. Bank of China and Bank of Communications continued to maintain their top 5 positions in this year’s CSI as they came third and fourth respectively, while China Merchant Bank and China Construction Bank also experienced impressive jumps from their positions last year.

Conducted by Asset Benchmark Research (ABR) in February 2019, participants were asked how satisfied they were with their respective bank's services through a series of online surveys and interviews. ABR has now been conducting data assessment of Asian-based CFOs and treasurers for seven years. This year's CSI is based on the survey responses of close to 800 CFOs and treasurers in Asia.

To see the list of rankings and information about our methodology, please click here.

To see last year's full list of rankings, please click here.

To learn more about our Treasury Review, please click here.

For country and service analyses, please get in touch with ABR at research@theasset.com

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