Corporate Banking and its Services


Corporate banking, also popularly known as business banking, caters to corporate customers financial needs. The customers can be from small businesses to large conglomerates, governments, and other institutions. As known to all corporate banks offer a wide array of solutions to their clients. A few of the notable corporate banking services are loans and credit products, deposits and transactional services, treasury and cash management and capital market services.

What are the current needs of corporate banking customers?

Even today, clients still demand managers who they can fully trust. It is not only with their products and services for their financing and transactional needs but also in general. However, they desire even more nowadays. A potential customer wants their relationship with their bank to be more straightforward and direct while also wanting to do more operations digitally.

Today, corporate banking solutions are customized and tailored to meet specific business and organizational needs. The recent trend of corporate bankers is to focus on different industries, developing niche areas of expertise.

A report says 90% of big corporate banking clients would consider switching to a different financial institution for better service around onboarding, account maintenance, service requests and inquiry handling. Another survey states 90% of findings suggest banks have a lot of work to do if they make their corporate clients feel loved. From sales to service, they aren’t happy.

One word that best describes the situation is disconnection. The first disconnect is between the banks’ perception of what corporate customers want and what they want. There is a thin line difference. Most banks assume that pricing, then products and services win them business. These are important-but for corporates, the quick turnaround time for resolution of requests and inquiries is equally essential. The second disconnect is similarly crucial as the isolated channels, systems and processes slow down every aspect of the corporate client relationship.

What corporate banking services are in demand?

The corporate banking industry has been slower to innovate, and traditionally less agile than the consumer banks. It’s high time as the banks have to be responsive to changes in customer behaviour. Today, corporate banking products like customization and flexibility are essential in meeting the business’s diverse needs. Tailor-made financial services are appreciated, and efficient service does matter. On-time hassle-free corporate banking customers are increasingly seeking in this fast-paced digital world.

Even today, corporate financial institutes fall behind their retail counterparts in providing digital tools and platforms that improve customer experience. A prominent issue is that many banks are yet to rediscover their customer journeys as they are, however, to incorporate digitization and personal service and increasing access to convenient online tools.

More automated services result in a better relationship with managers. Technology and services, driving innovative products that are more intuitive and responsive to customer need always helps. Corporate banking solutions must continue to be the proactive adopters of the tools that meet their clients’ needs. Estimation says that new ground-breaking digital platforms and channels will attract 30% of traditional corporate banking revenues over the next five years. To stay competitive, corporate banks need to undertake digital transformations to maintain and continue growing.

Transform the technology

As per reports very soon traditional ways of banking are going extinct. With the emergence of more digitally sound executives climbing the corporate ladders, the customers will seek alternate and creative financial solutions that best support their businesses’ interests. Today the corporate banks have to juggle various things like compliance and regulatory issues.  To be part of a competitive market in nature, these financial institutions have to reinvent and transform their technology processes.

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