The banking industry is experiencing a period of radical change. If we look to the retail sector as our case and point, disruptors have reshaped expectations of what effective banking looks like. This has triggered an era of competition and service transformation that is improving the banking experience for consumers across the board.
However, legacy corporate infrastructures have routinely held back innovation in large-scale enterprises, but none more so than corporate banks. This has become a source of frustration for corporate clients who are looking for the same transformation they see in their personal accounts.
The research behind our latest whitepaper “Virtual Accounts: Closing the Service Gap in Corporate Banking” has revealed many treasurers have considered switching their banking suppliers – a red flag that financial institutions need to start better understanding and serving their customers. We also found that half of European corporates have considered moving their main banking relationships in the past year, with the consolidation of providers becoming an increasingly popular option. The research also looked at how banks are feeling, with 62% saying that it is more challenging to retain and win new business that it was a year ago.
With the rise in snappy FinTechs and an ever-evolving customer landscape, it has now become crucial for these organisations to adapt and evolve if they are to survive. We have been working with Ovum to understand how banks plan to tackle this challenge and the critical role of virtual accounts in doing so. From winning new business to retaining your core client base, we surveyed both banks and corporates in this study to gain a complete understanding of the current buyers’ landscape.
This critical research maps corporate banking services against the needs of treasurers, highlighting where the mismatches lie and identifying how banks plan to address this.
If you would like to discuss the findings with one of our team, please don’t hesitate to contact us