Corporate-banking customers have been slower than consumer-banking clients to jump on the digital bandwagon but are on it now, searching for single-source solutions to meet all their product and service needs under one digital umbrella. Both traditional and challenger banks are in the race to fulfill this quest, but which will prevail?
It’s no secret that SMEs play a significant role in the UK economy. As of 2020, there are 5.9 million SMEs in the UK, contributing about 50% of its GDP. It goes without saying that the pandemic has put SMEs in a precarious position. Empowering them to grow again will be vital to the UK’s recovery – they hold the key to our GDP, the job market and to their communities.
Greenfield is a new concept in banking and means establishing a new operation in the field. The approach has proved attractive to traditional retail banks as they take advantage of all of the benefits of digital banking by starting new operations alongside their old ones, soaring to new heights without being constrained by their cumbersome legacy infrastructure. The time is ripe for corporate banks to also enjoy the greenfield effect.
Digital has transformed every business, from small to large corporates, some of which are cutting ties with traditional banks and going it alone with their own in-house banks equipped to handle the evolving complexities of their operations. Corporates require real-time solutions tailored to their particular needs, and expect their banks to take the time to understand them; how can banks win back their trust and loyalty?