Journalistic piece on digitalisation and corporate banking for Finastra
DIGITALISING THE CORPORATE BANKING SALES ENGINE
Corporate banks must embrace digitalisation to enrich client conversations, empower cross-selling, streamline onboarding and transition from the role of cash services provider to that of strategic advisor.
Today, the digitalisation movement has touched almost every aspect of our lives. Ben Singh-Jarrold, Strategist – Corporate Banking, Finastra, takes a look at the impact digitalisation is having on the way front-line staff in banks do business with their corporate clients.
“Digitalisation ruthlessly exposes inefficiencies in relationship banking, as it has in every industry from publishing to taxis,” said Singh-Jarrold.
“90% of large corporates say they would consider switching banks to work with different providers that are capable of delivering the integrated, omnichannel service they receive in other spheres. Banks can no longer count on what used to be very ‘sticky’ business.”
Finastra client engagements reveal that on average bank relationship managers only spend around 30% of their time on client-facing activities.
“Corporates value quality of service and time to cash above all other criteria, but without feeding the bank sales engine with the insights across the business to better advise customers, or answer basic transaction queries, client satisfaction is falling. Inefficiency impacts the ability to expose the data a Relationship Manager needs,” said Singh-Jarrold. Aggregated views of the customer relationship support revenue growth through more effective up and cross-sell.