Corporate banking products that will benefit the most from Digital Transformation



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It’s an extremely demanding time for companies of all sizes to be doing business. Much of their success in their target markets depends on their ability to be smarter and more agile with their finances. Thus, when these companies avail of various corporate banking products, they expect their providers to be on the same page.

They’re more likely to enroll in corporate banking programs that are data-driven and specially adapted for digital delivery.

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If you want to be the banking provider of choice for these corporations, then a revamp of your current offerings may be due. It may be high time to cut the fat from your old lineup and, instead, innovate the following corporate banking products for the times.

Here’s a briefer on the corporate banking products that will benefit the most from a digital transformation, and which features you should add to them:

Corporate banking payments

One product that may sorely need a digital refresh is the product you’ve designated for corporate banking payments. Your potential clients are always on the lookout for faster, smoother payment processing systems that they can use from wherever they do business. It’s also a big plus if they can complete corporate banking payments from their mobile devices, like smartphones or tablets.

It’ll be a smart start to revamp your corporate banking payments for your clients. This will enable easy settlement of their outstanding debts and allow them to visualize their current cash positions with you. Transform your corporate banking processes to work on multiple digital platforms and to become compatible with familiar, efficient APIs. It’s a winning ticket to securing your corporate clients’ patronage and loyalty to your bank.

Revenue banking and billing

It would also be good to upgrade your institution’s current revenue banking and billing product. To your customers, this change represents new revenue opportunities for them on their fee-based incomes. Thanks to this product, they’ll be able to improve their pricing and billing processes and follow up on any missed chances for conversion.

You will want to innovate this product to be capable of pricing and revenue management on the cloud. Handy features you can look for are pricing simulation and commitment tracking for the corporation’s own customers. That should attract them to sustain a partnership with your institution.

Cash and liquidity management for corporations

A third product you’ll want to revisit is the cash and liquidity management solution you currently offer to corporations. From this solution, they’ll want to have a bird’ eye view of their capital situation. They’ll also want streamlined control over their payables, accounts receivable, and cash flow forecasts.

Consider innovating your cash and liquidity management product to oversee these in real-time. It should also be possible for clients to use your product to consolidate liquidity across multiple locations. They’d be relieved if they could easily monitor their liquidity per branch. If they also do business abroad, it would be beneficial if this can be done per country as well. If your solution can help them stay on top of their liquidity and identify potential liquidity risks, they’ll patronize your services in the long term.

Treasury management for corporations

Yet another product that may benefit from a digital transformation is your treasury management for corporations. Those that are actively pursuing growth are looking for solutions to improve their investment management capabilities and to guide their forays into new capital markets.

Your product should help them meet their financial obligations and make wise decisions with their current financial assets. A solution that keeps tabs on their financial instrument life cycles and eases the burden of debt settlement will earn you their seal of approval.

Corporate lending

A digital refresh may be due for your various corporate lending products as well. You can use new technologies to manage your corporate clients’ commercial loans and outstanding lines of credit. Digital innovation will help you add and maintain structure to your loan processes and mitigate any potential credit risks.

The innovation may also enable you to open up more flexible financing options that are easy to manage on the cloud. This will heighten your appeal to a great range of corporate clients who are actively looking for financing options with more flexible terms.

Trade finance

Lastly, if you want to attract corporate clients who’ll do business in different countries, you must bolster your current trade finance product. An upgrade will allow your clients to work closely in sync with their partners abroad and decrease their stress in meeting foreign financial requirements.

There are several ways that you can improve your current trade finance product with technology. The upgrade will furnish you with a wider array of trade financing instruments to offer to your customers. You can also ensure seamless management of guarantees and documentary collection from importers to exporters. Lastly, you can make the trade financing experience easier on all parties through the product’s enhanced multicurrency and multilingual operations.

Conclusion: On becoming a trusted name in corporate banking services

The end goal should be to provide corporate banking products that are frictionless, innovative, and scalable enough to help your clients manage their finances. Reworking your corporate banking products for the digital age has its rewards. When your corporate clients win, you do, too. Your brand will stand out as a relevant one, and you’ll cultivate corporate partnerships that will nourish your own business for years to come.

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