Finance leaders are sending a clear message to their banks: the era of logging into multiple portals and manually downloading transaction files is over. New survey data reveals that 85% of finance professionals who lack a direct connection between their bank and ERP systems would switch banks to get this capability — a finding that should concern every financial institution competing for corporate customers.
The research, conducted by Global Surveyz on behalf of Ninth Wave among 200 senior finance leaders at companies with $50 million or more in annual revenue, exposes a fundamental gap between what corporate customers want and what most banks currently deliver. As fintech competitors continue pushing into corporate banking with integrated solutions, traditional banks face a critical question: Can they meet rising customer expectations for connected financial services?
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The Time Tax on Finance Teams
The survey found that finance teams with direct bank-to-ERP connections save nearly six hours per week on average, with larger firms reporting even greater time savings. These aren’t trivial minutes shaved off minor tasks — this represents substantial time currently spent on manual data entry, reconciliation, and pulling reports from multiple banking portals.
For a mid-sized finance team, six hours weekly equals more than 300 hours annually per person. Multiply that across a department, and the productivity drain becomes clear. CFOs aren’t managing strategic initiatives or analyzing business performance during these hours — they’re copying and pasting transaction data.
The demand for change is strongest at the top. Among C-level executives and vice presidents surveyed, 95% believe direct connections would be extremely or very beneficial. These leaders understand that when finance teams spend hours on data management, they’re not spending those hours on activities that actually move the business forward.
Beyond Time: The Compounding Benefits
While time savings grab attention, the survey revealed that direct connections deliver benefits that compound across the organization. Users reported improved money management (54%), stronger security (53%), and fewer errors (43%) as key outcomes.
The security finding deserves particular attention. Finance leaders often express concern about connecting third-party systems to banking data, yet those using direct connections report feeling more secure, not less. This likely reflects the reality that direct API connections, properly implemented, are more secure than the alternatives many companies currently use — including sharing login credentials with aggregators or downloading sensitive files to email and spreadsheets.
Error reduction matters because mistakes in financial data cascade. A missed transaction affects cash forecasting, which affects payment timing, which affects vendor relationships. When data flows directly from banks into ERP systems without manual intervention, the opportunities for human error diminish significantly.
The Loyalty Equation
Perhaps the most striking finding for banks: 99% of surveyed finance leaders said direct connections would increase their loyalty to their bank, while 38% said it would significantly increase the number of products they use from the same institution.
This creates a powerful business case. Banks that deliver direct ERP integration don’t just retain customers — they create conditions for relationship expansion. When a finance team’s daily workflow runs smoothly through one bank’s infrastructure, the friction of adding another institution increases. The inverse is also true: when basic connectivity is frustrating, customers start looking elsewhere for their entire banking relationship.
The competitive threat is real. Among finance professionals currently lacking direct connections, 88% believe such capability would be extremely or very beneficial. These aren’t customers expressing mild interest in a nice-to-have feature. They’re describing a need significant enough that 85% would switch providers to address it.
What Finance Leaders Actually Want
The survey data points to a clear set of expectations. Finance teams want to work inside the systems they already use every day — primarily their ERP and accounting platforms. They don’t want to log into separate banking portals, navigate different interfaces for each institution, or maintain multiple sets of credentials.
They want real-time visibility into cash positions across all their accounts, consolidated in one place. They want transaction data flowing automatically into their reconciliation processes. They want to initiate payments without leaving their accounting software.
These expectations aren’t unreasonable. In fact, they mirror how consumers already interact with their personal finances — through apps and platforms that aggregate accounts and automate routine tasks. Corporate customers are simply asking for the same convenience in their business banking relationships.
The API Imperative
Direct bank-to-ERP connections require standardized APIs that allow secure, real-time data exchange between financial institutions and business systems. While some banks have built these capabilities, many still rely on older file-based integration methods or force customers to use screen scraping through third-party aggregators.
The infrastructure itself isn’t the barrier — the technology for API-based connectivity already exists and is proven at scale. What’s missing is prioritization. Banks are deciding right now whether to invest in these capabilities or to continue supporting legacy integration methods that frustrate their corporate customers.
For banks, the payoff extends beyond customer retention. Direct connections provide better data about customer behavior and needs, allowing more responsive product development. They reduce support calls about portal access and file format issues. They position the bank as a technology partner, not just a transaction processor.
The Window Is Closing
The survey data suggests urgency. With 85% of finance leaders willing to switch banks for direct integration, and fintech competitors actively marketing these capabilities, traditional banks face a narrow window to respond.
This isn’t about preventing customer loss years from now. It’s about addressing immediate expectations from current customers who are evaluating their banking relationships today. Finance leaders aren’t waiting for their banks to catch up. They’re looking for providers who already offer what they need.
Banks that move quickly to deliver direct ERP connections will differentiate themselves in an increasingly competitive market. Those that delay risk discovering that corporate banking relationships, once considered sticky and stable, can shift more rapidly than expected when customers find providers who better meet their operational needs.
The message from CFOs and treasurers is unambiguous: direct connections are no longer optional. Banks that treat them as such do so at their own risk.
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