It’s a bright sunny day, you’re enjoying a round of golf and you get pinged to approve a $4.3bn transaction. Think it’s possible? Yes, because there is an app for it.
Mobile corporate transaction banking is no longer an exception, it is a necessity. Banking technology has evolved with the changing landscape of customers, from corporate internet banking to corporate mobile banking.
As the corporate treasurers’ role transforms, what corporate banking customers want today is access to information and services, secure transacting and automation of processes to enable efficiency. Recognizing this need for change, banks are primarily focused on integrating and utilizing emerging technologies.
Mobility in Corporate Banking – Not Just Servicing the “Schedule-Stricken Senior Executive”
The benefits of mobility in corporate banking are not limited to authorization processes and engagement of senior executives or treasurers.
- Streamline work processes – The introduction of mobility in corporate banks and financial institutions can help in streamlining processes that have evolved over time into complex procedural tasks. Complex banking operations can be simplified using new banking technology.
- Monitor and make decisions in real-time– With a single view of the bank’s cash position, senior executives can monitor and make decisions in real-time, based on the dynamic environment. By using the mobile channel, the financial stability can easily be monitored and it can be secured with quick decision making.
The Skeptical Adoption of Mobility by Corporate Banks
As compared to the widespread adoption of mobility in the retail banking space, corporate bankers are still skeptical about complete adoption. Their main concern- security.
Is confidential data secure?
Are user-authentication procedures concrete enough?
With Bring Your Own Device (BYOD) being the ‘in’ thing, what if a device with sensitive information is misplaced?
While these concerns may be valid, corporate bankers need to take a look at the customizable features of emerging banking technology products. With embedded, robust security systems, high-speed performance, user friendliness, device and channel agnostic characteristics, adoption and integration of innovative banking technology is inevitable.
Technology companies are building new mobile banking systems specifically for corporate customers. They are introducing relevant functions that can be used on the go. Functions such as multi-device operability, workflow and transaction approvals, fund transfers, secure bank messaging and alerting. Corporate banks need to extensively adopt mobile banking technology in order to provide mobility for banking executives on the move.
Get to know how to utilize a high-speed banking platform to provide 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.