Group Recognized for Customer Service, Market Share and Client Volumes
CHARLOTTE, N.C., March 27 /PRNewswire-FirstCall/ -- New independent
surveys give two perspectives on ranking U.S. Treasury Services providers
-- and both confirm Wachovia's status as a leader in the industry.
Wachovia received top grades for its Treasury Services solutions and
customer service across multiple categories in Phoenix-Hecht's Cash
Management Monitor Survey. This survey reports the views of more than 1,600
U.S. senior financial executives on Treasury Services providers.
In addition, Wachovia was a market share leader among Treasury Services
providers in the Ernst & Young 2007 U.S. Cash Management Survey. The survey
ranked Wachovia as the nation's third-largest cash management provider
based primarily on volume. Wachovia also ranked No. 1 for Remote Deposit
Capture client volumes and No. 1 for the largest number of Internet
reporting accounts (which are managed via Wachovia Connection, its Treasury
Services information and access product).
"Wachovia consistently receives high scores in Treasury Services
industry surveys, and it's all due to the commitment we have to this
business and to our clients," said David Trotter, head of Treasury Services
for Wachovia. "While the Phoenix-Hecht survey reports the level of client
satisfaction with our solutions and service, it makes sense that our top
rankings by clients translate into the leadership in market share and
volumes shown in the Ernst & Young data."
He added, "Our job is to manage the behind-the-scenes complexity and to
deliver the right solutions addressing clients' emerging needs at the right
time. This allows our Treasury Services clients to focus on their
increasingly strategic roles within their companies."
The Ernst & Young U.S. Cash Management industry survey is conducted
annually. It targets the top 100 U.S. bank holding companies (based on
asset size) and key non-bank lockbox providers to capture volume, product
feature and pricing data. The survey gathers information on a range of cash
management products.
The Phoenix-Hecht Cash Management Monitor Survey targets both public
and private U.S. corporations with sales of $100 million and greater. It
ranks corporations in three performance categories: Product Performance,
Bank Perception and Relationship Management. The senior financial
executives rated Wachovia "A+" and "A" across the board for these
categories.
Financial executives from companies with sales greater than $500
million awarded Wachovia 21 "A+" and two "A" rankings across 23 categories.
Those from companies with sales between $100 million and $500 million
awarded Wachovia 18 "A+" and four "A" rankings across 24 categories.
Phoenix-Hecht has been one of the nation's foremost providers of market
research and education for the financial services industry for more than 36
years. More information is available at http://www.phoenixhecht.com.
About Wachovia's Treasury Services
Wachovia's Treasury Services division, the third-largest US cash
management provider, tailors solutions for businesses of all sizes,
geographies and industries. The company offers liquidity management
solutions and a comprehensive suite of global integrated payables and
receivables solutions, including electronic check conversion, accounts
receivable conversion, ACH services, image solutions, a national wholesale
and retail lockbox network, as well as commercial card services. Ernst and
Young's 2007 US Cash Management Survey ranks the bank No. 3 in Treasury
Services market share, No. 1 for Remote Deposit Capture client volumes; and
No. 1 for the highest number of Internet reporting accounts via Wachovia
Connection, its Treasury Services information and access product.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $782.9 billion and
market capitalization of $75.3 billion at December 31, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
customers through 3,400 retail financial centers in 21 states from
Connecticut to Florida and west to Texas and California, and nationwide
retail brokerage, mortgage lending and auto finance businesses. Globally,
clients are served in selected corporate and institutional sectors and
through more than 40 international offices. Our retail brokerage operations
under the Wachovia Securities brand name manage more than $1.2 trillion in
client assets through 14,600 financial advisors in 1,500 offices
nationwide. Online banking is available at wachovia.com; online brokerage
products and services at wachoviasec.com; and investment products and
services at evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
http://www.phoenixhecht.com
CONTACT:
Victoria Wolfram, Wachovia Corporation,
+1-704-715-3915
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