Expanding roles in wholesale banking have created a push for improvements in service of large-scale corporate customers. From the current states of function, wholesale banking will undergo a restructuring of product developments, a new approach to customer
interaction and the employment of digitized practices to increase efficiency. Trends predicted for wholesale banking include a new approach to addressing customer needs so that services will work in accordance with businesses’ goals. New opportunities arise
for merchant banks to reinvent their roles in financial matters with businesses, particularly now that Fintech providers are a competitive presence in the market. As a result, new trends in wholesale banking have emerged as an outline for forward-thinking
and effective business practices. Some top trends are detailed below.
1. Customer-Centric Strategies
A shift toward a personalized user experience is a top trend for wholesale banking that will influence decisions in provided services. For example, banks aim to create customer-focused products that are specific to each business type. In order to do this,
wholesale banking leans toward having a more diverse organization in a single digital platform, which can be managed for all business revenue sizes and experience levels. These new initiatives will be reliant on data analytics to pinpoint the unique needs
for each business, and the next few years will reveal how effective analytics can work not only on fraud prevention but how to understand large-scale customers.
2. Flexibility In Development Practices
In the face of ever-changing technologies that often struggle with problems or delays, wholesale banking works to focus on the development of projects that can withstand the fast pace of progress. Banks strive to meet the expectations of customers while
responding to changing market demands, and that, in turn, requires a flexible system for developing new methodologies. Such an agile system encompasses interactions with individuals over the processes at hand, the need for collaboration with customers on contract
negotiation, a response to updates on existing projects and a clear outline for the software in use for projects. The hope is this flexibility will help wholesale banking function efficiently when change threatens to make some strategies obsolete.
3. Banking Services With APIs
An open communication platform is emerging as a new trend in wholesale banking as APIs allow banks to make product data accessible to customers. In the same way, customers are able to coordinate with third-party providers on matters such as their bank data
by using APIs. The goal is that APIs can allow for corporate transactions to expand their reach both nationally and globally.
4. New Methods To Handle Payments
Wholesale banking is moving toward a more comprehensive experience when it comes to on-demand payments. Allowing for customers to have access to payment information in a streamlined, accurate fashion is the goal moving forward. In what has been called a
“payments revolution,” the hope is that data analytics will be at the core of providing payment hubs to decrease risks and costs in operational activity.
Read full article on forbes https://www.forbes.com/sites/forbesfinancecouncil/2018/12/28/the-future-trends-moving-wholesale-banking-forward/#756dde746ad0
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