A new survey shows significant revenue opportunities from improved customer service for financial services firms. The survey results underscore the growing importance of customer service in corporate banking.

The findings, part of a joint survey conducted by Finextra Research and Pegasystems polling banks and corporations, show a significant market shift.

The survey said that 57 percent of corporations were ready to accept paying higher fees for a web portal with more sophisticated self-service that allows them to manage their entire portfolio online.

Another 46 percent said they would pay more for consistent service across different regions, channels and lines of business.

The survey said that fifty-three percent cited quick turnaround times to requests and inquiries as one reason they would increase doing business with their bank.

According to the survey fees and interest rates, not long ago, were the two key competitive advantages for banking firms.

The survey showed that this sentiment is now changing. Corporations are prioritizing ease of access to service and information channels as critical elements of deciding where to place their business.

The study found 64 percent of financial services institutions plan to invest significantly to improve and automate on-boarding and service processes this year, a nearly 40 percent increase in response to the same question posed in a similar survey last year.

The survey noted that while financial firms grasp the need to automate customer service operations, many remain hamstrung by aging information systems which are too brittle to meet the new requirement.

"The survey results, while eye-opening, confirm what we've been seeing in the marketplace. They also validate Pega's approach to empowering financial services institutions with advanced technology, around client on-boarding, inquiry management and client service,” said Tony Young, principal, financial services industry solutions at Pegasystems (News - Alert), in a statement.

Young said that consistent, high-quality customer service across all channels, lines of business and regions is very hard to achieve, yet many top-tier banking organizations have been successful by leveraging the company’s Build for Change technology to improve customer satisfaction for their clients.

“Corporate clients want better service, and one rising concern is the ability to access their portfolio from anywhere, so I'm not surprised they are willing to pay higher fees for it," he said.

Paul Penrose, head of content at Finextra said that this comprehensive survey, which culled data from several key titles in customer service and treasury roles, shows the shifting market in financial services.

Penrose said that more and more global corporations want additional value from their banking relationships, and advanced BPM and CRM technologies play a key role in providing high-quality customer service.

He said that the most successful financial institutions will be those who excel in this increasingly important area.