The trend toward global interconnectedness has never been stronger, with innovation and technology helping to make the impossible now possible. The rewards are vast in terms of reduced cost, increased opportunity and greater inclusion, but there is an obstacle that is slowing progress: existing proprietary banking infrastructure. Fortunately, that’s not the end of the story, as the way is being paved for full worldwide banking integration.
After two decades of innovation, the benefits of digitisation are becoming clearer to banks, corporates, carriers and many of the other parties involved in international trade.
Advances in technology and changing attitudes towards risk and regulation have inspired many large companies to create their own in-house banks, affording them greater control of their finances and the opportunity to create a service tailored just to them and their specific needs.
Millennials are changing banks from the inside out, causing them to reduce their dependence on the product-centric, transactional model that has been the standby of banking business for decades. Instead, banks are having to creatively cultivate one of their main advantages, their large customer bases, to develop adapted digital models that promote the bank’s role as advisor throughout their customers’ financial lifecycles.
Today’s retail bank customers are in love with automated banking that makes transactions faster and more convenient, but that doesn’t mean that they no longer want human interactions with branch staff. By maximizing transactional and relational interactions with their customers, banks can stay at the forefront of the banking revolution.
Accountants have been given a bum rap (“boring”) over the years, considering all they have contributed by ensuring that even the minutest financial detail is accurate. Now robotic-process automation is offering these warriors a chance to break free from the routine and redundant so that they can soar to new heights.
In the world of international trade, managing guarantees and credit lines from several banks provides a range of challenges that large corporates must overcome.