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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: Corporate Banking: Modernize or Risk Disenfranchisement
The Top 3 Services Corporates Want From Their Banks:
- According to a 2020 banking survey, enhanced working capital management is the top service corporates want from their banks.
- 51% of surveyed corporates reported wanting enhanced working capital management from their banks.
- The second service corporates want most from their banks is innovative banking products (e.g., working capital loans).
- 43% of surveyed corporates reported wanting their banks to offer innovative banking products.
- Rounding out the top three services corporates want from their banks is support in leveraging new technologies (e.g., blockchain).
- 41% of surveyed corporates reported wanting support from their banks in leveraging new technologies.
To satisfy shifting customer expectations and drive revenue in a rapidly changing industry, corporate banks need to modernize by offering new services and embracing the latest technologies. Their success or failure depends on it.
Low interest rates, shifting customer preferences, increased competition from fintechs, and rapid technological progress are fundamentally reshaping commercial banking. Financial institutions must adapt to the changing landscape or risk being left behind. Fortunately, from APIs to cloud-based solutions, there are many opportunities for corporate banks to innovate and improve.