RESULTS
This year sees State Street retaining top position in the overall ranking. During a year that has seen unprecedented turmoil in the markets, and with the entire banking industry taking a long and unpleasant look into the abyss, it is perhaps not surprising that overall satisfaction levels are down – the only provider to increase its score over 2008 was BNP Paribas where the majority of respondents reported an increase in service levels. In contrast HSBC, previous winners of this survey for several years running, saw a significant decline in their score putting them into last place.
Nevetheless, while most clients gave their service providers lower scores than last year, the vast majority of respondents thought that service levels had either stayed the same or improved - with just 6 percent of the survey respondents indicating a decline in service levels.
Here are some sample comments from the respondents:
"Overall a significant improvement over the last 12 months compared with the first year of the relationship." BNP Paribas client.
"In general, BNYM service levels in the core areas of NAV production, reconciliations, reporting and relationship management fully meet and sometimes exceed the standards. Further development required to the Management Accounting function and Fund of Fund administration." BNY Mellon client
and you can see many more comments, along with detailed results tables and analysis, in the full survey report.
