In this era of Globalization 3.0, the next generation of Customer 3.0 dominates the market and companies have to keep pace by using innovative technology designs such as Web 2.0 to thrive in this hyper-connected, competitive environment.
In the banking industry, the role of bankers and corporate treasurers has evolved from being mere transaction providers. To service new age customers who demand real time transacting and access to information, the focus of banks should be on building integrated systems and flexible architectures to provide real-time data and relevant reports.
Create a Customer-Centric, Technology-Oriented Roadmap
With the digital transformation happening in the banking industry, banks need to upgrade their systems to make it more flexible, accessible, transparent and customer-centric. They need to create a roadmap to integrate technology that will revolve around customer behavior and preferred services and products. Some of the milestones that banks should work towards in their transformative journey include:
1 – Real-Time Data Accessibility
Majority of corporate treasurers state that it is critical to have access to real time information in order to optimize their online cash management experience. With the environment becoming highly competitive and the prolific use of devices, there is a frantic need for customers and bankers to access real time information and data. Banks will have to build systems that provide access to this real time information and a well-strategized communication plan as well.
2 – Building Integrated Systems
As the role of banks and corporate treasurers evolve, integrated and consolidated transactional capabilities have to be improved. With corporate banking becoming more demanding, it will not be sufficient to build corporate portals that provide access to account information and payment transactions. Providing a 360 degree view of financial data and enabling detailed reporting using analytics will become necessary.
3 – Flexible Architectures
As emerging banking technologies are introduced, banks will need to improve their cash management systems based on flexible architectures. This will enable them to easily integrate systems efficiently and add new channels faster in order to offer new services and products especially in this age of social and local mobility in financial transactions.
4 – Use of Analytics
Analytics plays an important role in banking. However, it is fairly underutilized especially in the banking treasury services and corporate sector. Besides using behavioral tracking and risk management for fraud prevention, analytical methods such as trend analysis can also provide insightful direction for banks to better position their products and introduce higher level of services and value-adds.
5 – Relevant Reports
As stated by majority of the corporate treasurers, most of the static reports submitted by banks are not relevant and they prefer exporting data from the bank’s site to generate their own reports. It is high time that banks create dynamic and interactive reporting designs to enable multibank capabilities. The way forward is an advanced platform feature that will allow users to transfer funds and initiate payments within the report.
With these milestones in mind, banks and financial institutions need to increase technology investment and optimally utilize automated systems to provide customized products and services.
As the new generation of customers dominates an evolving market, banks need to differentiate themselves in this competitive market. They should be open to investing in emerging banking technologies which will be supported by an advanced transaction banking platform. Get to know about a high-speed banking platform which provides an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform.
Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.