CEOs are highly involved in the finance decisions at their organizations, including commercial banking. In companies that use Commercial Banking and Financial Services, 85% of CEOs are involved in the decision process for financial services.
Just under one-quarter of CEOs (24.2%) are involved in the Early Stage of Finance purchase decisions, during which needs are identified and approaches explored. Another quarter (27.3%) are involved in the Middle Stage, where vendors are evaluated and compared.
During the Final Stage of decision making in the purchase of financial products and services, however, CEO involvement is dramatically increased. At the Final Stage, at which decisions about specific vendors are made, 71.0% of CEOs are involved.
80.6% of CEOs report commercial banking spending in 2013, with an average spend of $605,000.
The involvement of the CEO has a positive effect on the purchase of services including commercial banking and credit cards. When the CEO is involved in a purchase decision, the likelihood is greatly increased that the organization will forward quickly in the evaluation and adoption process (+92.3%), it will become a priority that others in their organization will give serious consideration to and remove roadblocks in the evaluation process (+91.5%), and ultimately become a reality (+89.4%).
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