2020 presented a multitude of new challenges for businesses, and banks serving businesses know the expectations of their customers have changed. But it’s a considerable challenge to innovate across myriad products and systems all at once – while also having to ensure their own resilience and compliance with regulation throughout a transformation programme. The underlying issue appears to be that costly to maintain and outdated legacy systems, combined with the cost structure inherent in correspondent banking, are holding banks back from developing and delivering the services that their corporate customers now desire in the increasingly digitalised landscape.
Last year saw a shift in the digitalisation trajectory of banks, with a successful push to migrate materially more customer activity to online channels. Now, the challenge is to ensure the innovation and collaboration that quickly became necessities in 2020 become the norm in 2021 and beyond.
Banks want to deliver both core and non-core services that their customers require – it’s a fundamental to growing revenue and profitability. But how do banks adapt, innovate and deliver across all product sets at once?
When we spoke to 300 C-suite executives from banks across Europe, we found an ambition for collaboration, partnership and digitalisation that has all the potential to deliver better services for businesses of every size. Half already have partnerships or plan to work with an external provider within a month, while another third have partnerships on the agenda for the next 12 months.
This collective consensus proves that collaboration is no longer a novelty. And the new wave of specialist partners supporting and enhancing business banking propositions can play a significant role in helping banks to exceed the expectations of their corporate customers which, in turn, will help them gain market share.
Find out more in Banking Circle’s latest white paper, Better business banking: Collaborating for success: https://www.bankingcircle.com/whitepapers/better-business-banking-collaborating-for-success.
Read more about Banking Circle here.