Welcome
In almost every area of our lives, digital technology means we're doing things differently, and that's changing our relationships with people, services and brands; and financial institutions are no exception. However, banks are often simply doing what customers expect, moving a service to a different channel, failing to capitalize on the opportunities that digital creates to evolve their proposition, and leaving themselves open to competition from FinTech players. So, how can banks protect themselves and leverage technology, data and their incumbent position to provide better services?
The growth in cloud applications provides one opportunity. There is now a significant range of services designed for businesses that when combined with your existing banking products allow you to personalise the support you offer through digital engagement and augment the contact your customers have with your relationship managers.
We continue to push the boundaries, demonstrating how business applications can transform the way FIs engage with their business customers.
John Davis, Managing Director – BCSG
- Survey Analysis: Digitalizing Corporate Banking
- David Furlonger | Stessa Cohen
- 17 March 2015
The state of corporate banking IT in the digital business world is precarious. Survey data indicates CIOs are underestimating the importance of digital technology, lack adequate staff and resources, and are largely ignoring nonbank disrupters. This situation will be unsustainable in the long term.
Key Findings
- Banks have documented digital strategies and have started implementations, but execution risk is high due to a lack of defined digital leadership and vision.
- Improvements in operational efficiencies and reducing transaction costs are the key motivating factors for corporate banking digital technology adoption.
- A slight majority of bank executives and CIOs do not believe digital servicing models in corporate banking will dominate customer interactions in three years.
BCSG Content
Redefining Digital Banking for Businesses
Similarly to retail customers, businesses are migrating to digital channels. As a result they are demanding more from their bank and are more than willing to shop around if their bank is not offering the variety of services they want.
Highlights from our latest report show:
- 70% of businesses have never had contact with their relationship manager
- 44% want access to tools and advice from their bank
- 68% are looking elsewhere for financial services
To find out the areas your business customers are interested in read the full report, click here http://www.bcsg.com/whitepaper-digital-banking-for-smbs/
