PART III
Part III: Corporate Banking
- Simplicity Exemplified

blog 21 November 2018

From what we’ve learnt in our previous insights, where we discussed the challenges in the corporate banking segment, as well as the best ways to reformulate and update the service offering, we have ascertained that a next-generation connected corporate banking platform is the key to total digital transformation and ultimate service excellence.

In this article, we will expand on the previous insights through everyday transaction banking, depicting the current state of most of the corporate banks and paving the way for the corporate bank of the future. As an industry leader, our solutions are innovative, simple, and customer-centric, focusing on enabling banks and financial institutions to better engage with their corporate customers.

Salary and payroll processing are key operational features for every organisation; small, medium, or large - and not only do these tasks add to operational costs for the bank and the corporate clients, but they also carry a lot of administrative overload.

Although banks and financial institutions have been providing organisations with the ability to process bulk salary transactions through internet banking for a while now, they have not been able to reduce corporate attrition and increase customer satisfaction levels.

Researchers have identified that the following success factors: omni-channel, speed, customised solutions, and data analytics are a means to achieve digital transformation - and complete transformation can only be attained when these attributes are coupled within the key areas of the everyday banking transaction lifecycle.

 

Business Banking

For example, to attain maximum benefit from digitisation within salary transaction processing alone, implementing the following simple features will deliver great results, both for the bank and for their corporate clients.

  • Provide corporate clients with the ability to process salary files through seamless and easy integration with their ERP systems.
  • Allow corporates to consolidate transaction processing for different types of payment instructions as well as to manage account receivables, and account payables, between accounts with ease.
  • Provide a secure solution for the corporates’ unbanked employees through secure mobile wallet payments with an omni-channel platform.
  • Offer a consolidated, user-friendly dashboard view of all the corporate information at a single click, saving the customer’s time and providing an intuitive user experience.
  • Empower corporate clients to initiate, and complete, the majority of transactional processes, thereby lowering operational banking expenses.
  • Provide cost-saving digital solutions for corporates, by reducing manual paper-based processing through digital scanning or bulk file uploading.
  • Advanced data analytics, and AI-driven behaviour management, will enable banks to identify trends and transaction patterns within the corporates and their customers, thus enabling the creation of new revenue streams for both the corporates and the banks alike.

 

IBy applying these features, banks can extend their offerings to provide their corporate customers with value-added services like staff loans, new account opening, and other administrative-rich services through an integrated, interconnected corporate banking solution.

Are you ready to consider a global digital partner focused on building innovative solutions that are driven by a low-code platform, enabling customer centricity, and faster reach to market? Get ready to Engage, Empower, and Excel!

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