With commercial banks still reliant upon decades-old legacy systems, design and delivery shortcomings are impeding operations and chipping away at customer satisfaction as churn levels among corporate customers rise.
As corporate clients demand real-time access to services, banks have begun to invest in digital transformation to integrate their systems with that of clients. Banks are extracting deep customer insights, by leveraging AI and machine learning capabilities to streamline processes. To be an intelligent bank, commercial firms are identifying inefficient processes within important value chain areas – payments, trade finance, etc. – so that emerging technologies such as Distributed Ledger Technology or Internet of Things might be used to streamline systems through digitalization.
Innovative, agile FinTech firms have disrupted traditional commercial banking processes by leveraging technology to provide better products and services. Moreover, today’s Open Banking API-led economy, collaboration between banks and FinTechs, and data aggregation are all encouraging improvements in bank services. With data-sharing to third parties and increased digitalization, it has become a priority for banks to maintain data security and adhere to regulations and data-driven compliance.
Commercial banks must be cognizant of developments from within and from outside the industry to remain competitive. This report aims to unpack and analyze 2019’s top-10 trends for commercial banks.