Banks today have come a long way from a brick and mortar franchise to a digital only - mobile friendly bank, where the customer can do all his banking from a smart phone. Many technology advancements have seen human intervention being eliminated completely, improving efficiencies for the bank and sometimes for the customers. Having said that, corporate banks in the region are still playing catch up with their first world counterparts due to the lack of collaboration and low investments in financial technologies. The time would not be very far when corporate banks will have to start rethinking their business model and reinvent themselves to stay in the game by investing in technology that can perceive, learn reason, assist in decision making and act to help the bank solve problems. 

The “corporate bank of the future” would look significantly different than it does today. The global crisis has taught corporate bankers a great lesson, and made them focus on issues such as  ‘counterparty risk, ignored ‘transaction-banking’ and increase associated technology investments. Although corporate banks have delivered steady returns since the 2008 crisis, banks face a daunting challenge to become infrastructure strong to accelerate growth and become agile and digital focused. 

There are three key areas where corporate banks of the future must invest in. The first is enhanced stakeholder journeys which focuses on cross product platforms, frictionless cross channel experience and data driven relationship managers. The second is the challenge to redefine the ecosystem using open APIs, collaboration, and having predictive analytics ingrained into the DNA of the bank. The last is area to invest in is end-to-end (E2E) digitisation in order to achieve client centric staright-through processing, operational scale, and robotics efficiency.

Corporate banking customers are demanding and expect the same customer experience and effic...

Categories:

Keywords: