Transaction banking: The rise of customer centricity

There’s change afoot for the transaction banking industry. Banks are aiming to grow their share of this profitable market. They’re searching for new ways to differentiate themselves and become the provider of choice for corporate customers. With customer centricity high up the agenda, banks are shifting their approach.  By enhancing corporates’ experiences, banks stand to reap the rewards of improved transaction banking relationships.

Banks have already spent significant time and resource on simplifying services. Now they’re looking to provide corporate customers with better front-end coverage and access via a common portal but they still have a way to go.

So what’s the next step? Banks need to leave their siloed systems behind the portal. They must integrate their back-end processes for example by leveraging software as a service and working between the portal and the factories. A streamlined approach behind the scenes will reduce operational costs and enable a seamless front-end experience for the corporate. What’s more, joined-up processes will give banks a holistic view of customer data and build on their customer relationships.

How can banks deliver a common portal that provides a great customer experience for corporates?  Take an integrated approach and focus on innovation, shared services, client on-boarding and breaking down the silos. The result - loyal customers, a good return on investment and a solid building block for future initiatives.

Tim Brew, Global Marketing Director, Financial Services, CGI