January 25, 2022 | Stamford, CT — The largest U.S. companies are allocating incremental business to banks with investments in digital platforms that streamline processes and make it easier for their clients to do business.
Going forward, banks servicing clients through traditional processes will find themselves at a real risk of losing both existing and new business to more digitally enabled competitors. As companies gravitate toward the most innovative banks, banks are also beginning to show a preference for digitally advanced clients.
“In many banking relationships, it’s the sophisticated clients themselves driving the innovation and pushing the banks to keep up,” says Don Raftery, Head of Commercial Banking at Coalition Greenwich.
2021 Greenwich Leaders in U.S. Large Corporate Banking
Almost all the banks on the list of 2021 Greenwich Share and Quality Leaders in U.S. Large Corporate Banking have leveraged strong investment banking results to help finance rapid technology development during the COVID crisis. By extending their technology advantage over less well-resourced competitors, these large banks are setting the stage for additional, future gains in market share. The pressure on regional and smaller banks will only build from here, as the technology race unfolds and digital transformation leads to further consolidation in the U.S. banking industry.
The 2021 Greenwich Share Leaders in U.S. Large Corporate Banking are Bank of America, J.P. Morgan, Wells Fargo, Citi, and U.S. Bank. These five banks amassed the largest market shares in corporate banking among the biggest U.S. companies last year.
Among those Leaders, Bank of America and J.P. Morgan won the designation of 2021 Greenwich Quality Leaders. These banks received quality ratings from clients that topped ratings for other competitors by a statistically significant margin from the 304 large U.S. companies participating in the annual research.
2021 Greenwich Leaders in U.S. Large Corporate Cash Management
Over the past 12 months, the percentage of large corporates citing “customer service” and “ease of doing business” as top criteria in their selection of a cash management provider each increased by double digits.
The industry’s preoccupation with service did not start with the pandemic. Companies cite “communication and servicing by the bank” as the No. 1 challenge they encounter when dealing with cash management providers, followed closely by the KYC and compliance requirements that consistently cause headaches for corporate treasury professionals.
In U.S. Large Corporate Cash Management, the 2021 Greenwich Share Leaders are Bank of America, J.P. Morgan, Citi, Wells Fargo, and HSBC. Bank of America and J.P Morgan take the title of 2021 Greenwich Quality Leaders in U.S. Large Corporate Cash Management.
2021 Greenwich Leaders in U.S. Large Corporate Trade Finance
The COVID-19 crisis triggered a surge in demand for trade finance services among large U.S. companies. Amid the logistical and geopolitical challenges caused by the pandemic, companies need expertise and assistance in reassessing, maintaining and remaking their global supply chains.
The 2021 Greenwich Share Leaders in U.S. Large Corporate Trade Finance are J.P. Morgan, Citi, Bank of America, Wells Fargo, and HSBC. The 2021 Greenwich Quality Leaders are Citi and J.P. Morgan.
Full List of 2021 Greenwich Excellence, Share and Quality Leaders in U.S. Large Corporate Banking, Cash Management and Trade Finance.