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Emerging trends-Impact on banks & what they are doing
Currently, the main focus across banks is on innovative use of technology and in the below three streams: 1. Products, services and markets – Develop new products and services, target new markets and audiences.
Examples-1.Whitelabelling & In sourcing by the big banks
2. Supplier Finance Programs customisation for A/R, A/P, Factoring, Conditional Payments etc
3. Syndication/risk participation for financing/Guarantees. 2.Business and enterprise models – As the demand for banking services continue to surge banks are focusing on greater digital capabilities and information flow by making a paradigm shift and restructuring Examples-Convergence programs to merge the traditional boundary between cash management/payments & trade services. 3.Operations – Improve effectiveness and efficiency of core functional areas through consolidation of operations by eliminating duplications: redundancies
A growing number of forces are challenging corporate banks and the below are the 4 major areas on which banks have planned their roadmap
1. Industry/ Market – 3 ‘C’s – Customer Expectations, Competition and Cost Reduction
2.Technology – 3 ‘S’ Standardization, Simplification and Security
3.Product Offering Landscape – Convergence and Collaboration
4.Legal Increasing burden of compliance
To Be Contd in Part2
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Konstantin Rabin Head of Marketing at Kontomatik
22 July
Milko Filipov Senior Manager at valantic
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
21 July
Prakash Bhudia HOD – Product & Growth at Deriv
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