Digital corporate banking permits businesses to access their accounts and financial services at any time, from any location. It simplifies financial processes, reduces errors, and also saves money. Additionally, it provides real-time financial data as well as insights that aid businesses in making more informed decisions and respond quickly to market trends.
The financial sector has largely been embracing digital transformation which has seen traditional banks, insurers and fintechs using new technologies to give their customers streamlined experiences. Business banking is a particular area that has been a challenge. The complexity of management and advice required by this industry as well as the massive commercial loans and international transactions across multiple systems, as well as the complicated management and advice it requires, simply do not lend themselves to the simplicity of two clicks that is typical of consumer banking.
However, this doesn’t mean the industry can’t be a part of the digital future. It’s just need to think differently and embrace the mix of digital and human services to meet the diverse requirements of various business segments. For instance a digital approach to self-service tools for small businesses could be paired with a human interaction with an account manager who is senior to midmarket and larger corporates.
The June edition of PYMNTSthe Next-Gen Commercial Bank Tracker has revealed, in fact, that banks can reduce the length of their corporate lending processes by months and even hours when they redesign their relationship models by using digital tools. This without any compromise on the personal service corporate clients demand. For more information you can do this, read the entire report and also look at other trends in the space.