Digitization in Corporate Banking

Over the last few decades, banks have largely focused on digitization of retail banking. There has been very limited focus on digitization of corporate banking. Now, because of the increasing demands from corporate customers and the overall innovations happening in the space, banks are forced to relook at their corporate banking services and accordingly define their strategy for the future.

Banks looking to enhance their corporate banking solutions and services will have to undergo a complete digital transformation covering both front end (channels including mobile) and back end systems. As part of this journey banks should focus on some of the below mentioned areas:

Digitize the Customer Journey

Digitizing the customer journey will change the way relationships are managed giving relationship managers more time to focus on other value added services like advisory.

Banks should look at straight through processing reducing the turnaround time, resulting in operational efficiency and reduced cost for banks.

To summarize, banks must invest in digitization and have a differentiated offering for their corporate customer. They need to formulate a clear strategy to have an edge over other banks in the corporate banking space who are their traditional competitors and also FinTechs trying to foray into the space.