In seeking to serve the ever-evolving and increasingly global needs of their corporate customers banks face a diverse and complex set of challenges. At the heart of these is the issue of how banks can remain relevant to their clients in a world in which their regulators are opening banking to new competitors who are both agile and powered by the latest technologies.
The response of banks to these challenges is the adoption of a new and transformative approach, focused on supporting their corporate clients on an end-to-end basis on all their customer journeys.
Through the development of new financial ecosystems supported by innovative new capabilities (such as Virtual Accounts, Artificial Intelligence and Blockchain) banks seek to give their clients speedy access to the information, insight, cash and credit they need to maximise the efficiency of their business operations on a global basis.
In developing their strategic responses banks are increasingly moving away from their legacy approach to IT development based on a combination of inhouse build and / or purchase from traditional vendors, toward partnering with often relatively small specialist fintech providers.
This research paper produced by Finextra, in association with Oracle, analyses these key market drivers and emerging trends and developments, bringing to the fore major aspects of the transformation of corporate banking.
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