How Digital Corporate Banking Can Transform Business Banking0
Digital corporate banking enables businesses to access their accounts and financial services anytime, anyplace. It streamlines financial processes, reduces errors, and also saves money. It also provides real-time information and insight to aid businesses in making informed business decisions and swiftly respond to market fluctuations.
The financial sector has generally been embracing digital transformation that has seen traditional banks, insurers, and fintechs using new technologies to offer their customers better customer experiences. Business banking is a particular area that has been a challenge. The complexity of management and advice required by this industry and its huge commercial loans and international transactions across multiple systems, and the complex management and advice that it demands, simply aren’t suited to the simple two-click simplicity that consumers have access to.
But that doesn’t mean that the industry won’t make it into the digital future. It’s just that it needs to think differently and embrace the mix of human and digital client service tools to meet various needs of various business segments. For instance, a self-service solution for small businesses could be combined with a human interaction with a senior relationship manager for large corporations and midmarket businesses.
The June edition of PYMNTS’ Next-Gen Commercial Bank Tracker reveals, that banks can reduce the timeframe for corporate lending by months and even hours when they revamp their relationship models with digital tools. This is without any compromise on the personal service corporate clients demand. To find out how you can do this, read the full report, which also looks at other trends in the field.