Covid-19 has created a need for corporate banks to speed up or begin their digital transformation. Lagging behind their retail counterparts, corporate banking has been slow to transform. To be successful, corporate banking teams need to establish a digital vision and strategy that consider trends in cash and liquidity management, payables and receivables, and trade and supply finance.
Forrester has just released a new report, “The Digital Transformation Of Corporate Banking”. The above emerging trends are highlighted within the report, in addition to why corporate banking hasn’t felt the digital urgency to modernize. More information is outlined in this blog post here.
Key takeaways from this report include:
- Embracing four rules of digital business will help corporate banks create a successful digital strategy: digital experience, operations, innovation, and ecosystems. Following these four rules will help corporate banks meet their client’s evolving expectations.
- Enterprise clients are demanding better experience and innovation. Corporate banks who prioritize real-time insights and innovation over cost are leaders in this digital evolution. These banks have CFO’s who are focused on being insights-driven in business decision-making.
- At least 25% of CFOs indicated that increasing the use of cloud; upgrading, replacing, or consolidating legacy business apps; and increasing the use of data and analytics technology are a priority. To manage their finances better, corporate banks are modernizing their business applications, with finance and accounting software as main targets.
Members of the media can contact firstname.lastname@example.org for a copy of this report. Analyst Arnav Gupta is also available for media interviews on the topic.