Challenges for Banks in Corporate Banking today
Digitising the customer experience in corporate banking is more relevant than ever. Corporate clients are well aware of the possibilities and convenience of digital banking processes from their personal lives. Admittedly, the demands on digital banking regarding numerous accounts at different banks and multiple stakeholders within large organisations are significantly greater in corporate banking.
However, decision-makers on the customer side rate digital capabilities among their top selection criteria and expect at least a baseline level of digital service.
Traditional processes in corporate banking are thus facing a paradigm shift characterised by various challenges. Traditional, paper-based procedures, lack of efficiency in communication, and lengthy transaction processes affect the agility and customer satisfaction of banks in corporate banking.
The need for comprehensive digitization is becoming increasingly clear. Furthermore, the regulatory framework for this is also becoming clearer, and some banks have already embarked on the journey and implemented corresponding sub-projects to offer their customers a contemporary digital customer experience.
