If you want to try the bare wire approach, you could lightly 'tin' the end. Silver solder would be a good choice. When silver oxidizes it stays conductive unlike most other oxides. This would save any fraying and should negate the need to trim back the cable every so often. I have done this and couldn't tell the difference in sound between this, bananas or forks. I was using Lexicon (processor/amp) with Jamo Concert 11 speakers so was expecting to be able to tell the difference if there was any. My ears may have been the limiting factor.
I think a good, secure maximal surface area contact between cable termination and terminal posts may have a greater short term effect. You are sending the audio signal down the cable (which has a certain cross sectional area) this has to get into the speaker by surface contact with the terminals (vice versa at the amp end). Good smooooooth contact between cable surface and the mating terminal surface will ensure minimum contact resistance and if the joint is mechanically tight then it will tend to oxidise slower as air can't get to the wire.
I guess for bare wire, in the majority of terminals, we are trying to get the wire to be perfectly cylindrical to fit into the perfectly cylindrical female terminal. Enter the banana plug.