I think it's not entirely straigtforward.
If you are positive you're not going to change the setup and connections for a long time, I think there is no need to use connectors. Bare wire under binding posts will give the best possible contact which I expect will be maintained as long as the wire stays connected tightly in exactly the same way. Some other exposed parts of the conductor may oxidize, get dirty/dusty but are not part of the circuit so who cares. This will work fine in for instance setting up my father's system.
For those who actively change the system all the time (don't we all?), removing and reconnecting cables exposes you to the dirty parts of the connector. You can typically afford to cut off a bit more of the cable to get a clean end but over time, your cables will have the ultimate limit to high quality audio: they don't extend the full distance between speaker and amp.
For those situations (where I certainly see myself), I prefer to use a connector. Not sure if I would prefer spades over banana. I am currently using locking WBT banana on the speaker side and regular banana on the amp side. (The Stratos binding posts are big enough to crush anything

)