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Top-10 Trends in Commercial Banking: 2019

Top-10 Trends in Commercial Banking: 2019

What You Need to Know

Unlike retail banking in which customers rely on a single firm to handle most of their financial needs, corporate clients maintain relationships with several banks, which intensifies competition as firms vie for wallet share. With new-age competitors such as FinTechs and other challenger banks threatening to grab the most profitable aspects of commercial banking, it is a critical time for banks to invest in emerging technologies and to fundamentally improve the way they serve corporate clients in order to retain and grow business and increase profitability.

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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.

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