Most banks are at a crossroads with their ATM strategies. While some maintain ATMs as deposit takers and cash dispensers, many others are investing in the channel so it plays a broader role in their branch transformation and self-service initiatives.
This investment must be coupled with a robust ATM management strategy that includes proactive, real-time monitoring and transaction analytics. With extended visibility into lost opportunities and failed customer interactions, channel management and operations teams can expand revenue generating capabilities and continue to deliver amazing consumer experiences at the ATM – all in the most efficient, cost effective way possible.
To build a business case for any investment in the ATM channel, you need to demonstrate the ability to achieve operational efficiency improvements, increase revenue, or deliver a better consumer experience (resulting in more return visits, higher net promoter scores). This whitepaper will provide examples of how INETCO’s customers have achieved these benefits with real-time ATM monitoring and transaction analytics.
The problem with ATM availability as a measurement
ATM availability was the ideal metric when ATMs did one or two things (e.g. take deposits, dispense cash) and talked directly (and only) to an ATM switch. If the machine and the network, both carefully monitored by ATM management software, had green lights, you could safely assume that customers would be able to transact. Availability is a one-dimensional metric for what was a one-dimensional piece of equipment with embedded software.
Today’s ATM is a complex, multi-dimensional device. It often combines hardware and software from different vendors, communicates with multiple networks and services, and provides a much richer set of transactions. It’s also much more resilient in its design, architecture, and servicing requirements. As a result, it is much more likely that when there is a problem, it has to do with a particular service, network communications link or card bin range, as opposed to the machine performance itself.
This is where ATM availability begins to break down as a golden metric. Is an ATM “available” if…
- Customers can deposit and withdraw cash, but they can’t deposit checks?
- The branch appointment booking application isn’t running?
- Certain promotional marketing screens are not appearing?
- Transactions from a specific card bin range are consistently failing?
- Transactions are still coming through, but at a snail’s pace during a peak period?
ATM availability is simply not expressive enough to capture the diverse range of things that result in lost revenue opportunities or poor customer experience at a modern ATM.
Measuring failed customer interactions
This challenge has led a number of leading banks to look at ATM performance from the customer’s perspective. In addition to availability they measure failed customer interactions: the number of times a customer attempted to use an ATM though was unsuccessful.
Measuring failed customer interactions is a great starting point for understanding ATMs from the customer’s perspective. It measures a range of issues that are masked by a one-dimensional focus on ATM availability.
However, measuring failed customer interactions also raises a number of questions such as:
- What are the issues that drive these failed customer interactions?
- Are there patterns we should be aware of (e.g. do issues happen at certain machines, during certain periods of the day, etc.)?
- How can we spot these issues and resolve them faster?
Understanding failed customer interactions with real-time ATM monitoring and transaction analytics
Real-time ATM monitoring and transaction analytics provides the direct view channel managers and operations teams need into lost revenue opportunities and the actual consumer experience at the ATM. It allows you to look behind availability issues and failed consumer interactions to answer deeper questions: why issues are happening, how you can resolve them faster, and what you can do to prevent them in the future.
Real-time ATM monitoring and transaction analytics can transform the way you manage the ATM channel from both a technical and a business perspective. This whitepaper focuses on the technical perspective exclusively, but it’s important to recognize that ATM transaction analytics also enable you to build a powerful base of consumer experience and interaction data that allows you to better understand the role an ATM plays in your customer service strategy and who this channel is serving.
Let’s begin with a definition of real-time ATM monitoring and transaction analytics. This involves capturing a record of every consumer interaction, at every ATM in your fleet, as it occurs (i.e. in real-time). Meta data is then inserted into this record to make it easier to understand and use: ATM names are substituted for cryptic terminal IDs that might appear on the network, status codes are mapped to descriptors like “approved” or declined”, diverse transaction codes are mapped to transaction types like “withdrawal” or “balance inquiry”.
Then, the data is made available and actionable through:
- Proactive alerting – By triggering events based on your customized business rules (e.g. more than 2% of transactions are failing at any given ATM)
- Reactive investigation – By providing interactive transaction logs, search and exploration tools to understand and isolate recent issues
- Data archiving – By providing output of rich transaction data for longer-term storage, reporting, statistical aggregation and analytics
Real-time ATM monitoring and analytics benefit customers in three areas:
- Proactive problem discovery
- Faster troubleshooting
- Better data mining and performance awareness
In the next section, we’ll explore each of these benefits and how they can be measured.
1. Proactive problem discovery
When customer interactions begin failing or slowing down at an ATM, the clock starts ticking. You may be losing revenue, profits, and customer satisfaction. Even worse, you may not yet be aware of the problem.
You’re not alone. In a typical enterprise, 2 of 5 performance incidents are spotted first by users/customers, who then report them to IT helpdesks.
On the positive side, this gap between problem occurrence and discovery is an untapped opportunity for increasing profitability and improving the end customer experience. Real-time ATM monitoring and transaction analytics can help you shrink this gap significantly by spotting the very first case of a failed consumer interaction so that lost revenue opportunities and customer complaints can be minimized and the appropriate personnel notified to immediately act on this information. Customers that have purchased and deployed the INETCO Insight real-time monitoring and transaction analytics software have reported reductions of up to 26% in failed transactions in their first year of product use.
Below is an example that demonstrates the potential financial impact of improving mean time to repair and reducing failed consumer interactions.
|Number of ATMs||2000|
|Number of transactions per month||6000|
|Aggregate volume of all ATM’s per month||12,000,000|
|Failed consumer interactions per month||180,000|
|Off us surcharge revenue||$2.00|
|On us surcharge credit||$0.60|
|On us failed transactions (80%)||144,000|
|Off us failed transactions (20%)||36,000|
|Current revenue lost/at risk
(144K transactions x $0.60) + (36K transactions x $2.00)
|Reduction in failed consumer interactions with real-time monitoring and transaction analytics||26%|
|Recovered consumer interactions
(26% of 180K)
|Recovered monthly revenue (26% of $158.4K)||$41,184|
|Recovered annual revenue ($41.2K x 12)||$494,208|
Using the example above, a business case can be based on two factors:
- Achieving revenue increases of $494,208 annually by reducing failed transactions
- Improving ATM channel availability to 98.9%
2. Faster troubleshooting
Once a pattern of failed consumer interactions is detected, the pressure is on to find the root cause and restore services as fast as possible. For many banks, this is a labor intensive, time-consuming, trial-and-error process.
In a typical IT organization, 46 hours per month is spent in “war rooms” with multiple team members gathered to determine the root cause of application performance problems.
This gap between problem discovery and problem resolution often requires a coordinated effort across multiple teams: ATM operations, network operations, applications support, 3rd party service providers, and others. Many diagnostics tools are not routinely run in production (because they add too much overhead to system operation). As a result, information on the problem is fragmented and not immediately forthcoming. Everyone has to wait for it to happen again or attempt to reproduce it. All of these activities add significant latency and operational overhead to the problem resolution process.
Customers of INETCO Insight real-time monitoring and transaction analytics software report a 65-75% improvement in mean time to repair (MTTR) and can often resolve issues without assembling a war room or engaging in “blamestorms”.
Let’s use a similar example to show the potential financial impact of improving MTTR in a case where consumer interactions are failing.
|Support Cost Impact (IT Ops and App Support)||Before INETCO Insight||After INETCO Insight|
|# of transaction performance incidents per year||50||50|
|Number of staff engaged per incident||2.5||1|
|Avg. time to isolate performance incidents (days)||3||1|
|Total person-days utilized in incident isolation
(50 x 2.5 x 3) vs (50 x 1 x 1)
|IT staff labor rate (loaded cost per year)||$100,000||$100,000|
|Total incident isolation cost assuming 235 annual working days
($100K / 235 x 375) vs (100K / 235 x 50)
|Savings with real-time ATM monitoring and transaction analytics software||$138,298|
3. Better data mining and performance awareness
At any given moment, your ATM fleet is enabling hundreds or thousands of consumer interactions. Being able to capture and analyze these interactions provides you with powerful data to optimize your fleet, improve profitability and serve customers better.
In this section we’ll look at several examples of how ATM transaction analytics can be aligned with key business initiatives in the ATM channel.
Example #1: Fine-tuning service offerings per ATM
The most common ATM configurations run by retail banks and credit unions are cash dispensers and full service. Interactive tellers are also gaining popularity. Some banks run a few variations of the full service / interactive model. Full service ATMs are more expensive and complex and there are often significant differences in performance and availability across different transaction types and services.
ATM transaction analytics allow you to understand the availability characteristics and usage patterns for each service at a full service ATM. As a result you can make much more granular decisions about which services to offer where. For instance you may notice that 3rd party bill payment is a troublesome service that is only lightly used at 30 of your ATMs. Why not eliminate that service on those ATMs and direct customers to nearby locations that already handle a high volume of these transactions?
Example #2: Capturing real-time marketing campaign performance
One INETCO Insight customer views their ATM fleet as a strategic vehicle for customer acquisition. They have exclusive access to a number of high-profile, high-volume locations in the United Arab Emirates.
They frequently run marketing campaigns at the ATM to encourage their competitors’ customers to use their machines (often through fee reductions), and to deepen their existing customers’ relationship with the bank. It often took weeks to receive campaign reporting, making it impossible for the marketing team to effectively evaluate and adjust campaigns to meet business objectives.
With ATM transaction analytics, this bank is able to capture usage data in real-time. This in turn makes detailed campaign results available to the marketing team immediately, allowing them to evaluate and adjust campaign performance on the fly.
Example #3: Improving transaction times to reduce fleet sprawl
For many banks, the only way to understand customer throughput is to hire someone to sit in the ATM lobby and time customer interactions. This is expensive, and not particularly scalable across a large ATM fleet.
ATM transaction analytics allows you to understand how long customers spend at the ATM and how this varies by location, customer type, and transactions attempted. Using this information you can look for ways to reduce transaction times during peak periods or move more customers through a particular location. This may drive changes in screen flow, new favorite transaction options on the home screen, or an investigation of ways to reduce network latency or transaction processing times.
The net result is that you can extract more value out of your existing ATM fleet, and build out expansion plans that better meet both revenue goals and customer demand.
Building a business case based on performance awareness
These examples demonstrate how you can align an investment in ATM transaction analytics with key business initiatives in the ATM channel. ATM transaction analytics can also become an enabler or an accelerant to an existing initiative with a well-founded business case.
We’ve compiled a list of the top ten questions we’ve heard customers ask that ATM transaction analytics can answer. As you’re reviewing your current business initiatives in the ATM channel, you may want to ask yourself:
- Can I reduce cash replenishment intervals for certain machines where cash is less important?
- Is this ATM more valuable than my basic financial metrics indicate because it serves a valued segment of my
- customer base?
- Can I adjust my servicing intervals to occur during low transaction volume periods, thus minimizing the impact on customer experience?
- Can I add services at strategic ATM locations to increase transaction volumes?
- When and where do we have “glitches” with certain services or locations?
- Can I avoid placing a second machine (or remove a second machine) in certain locations by speeding up transactions during peak periods?
- Can I change screen flows to make it easier (and faster) for customers to execute two or three commonly linked transactions in a row?
- Can I hold my service providers (e.g. network, switch) to higher SLAs to improve throughput?
- How long does it take to assemble basic weekly or daily ATM transaction or profitability reports? How much
- does this cost in terms of labor?
- How much are we paying third parties to provide or analyze ATM transaction data?
The role of the ATM is rapidly evolving as banks embrace omni-channel strategies. A more robust ATM management strategy is required if banks are to make the most of the ATM channel going forward. This whitepaper introduced a number of different ways to drive a business case for investment in enhanced real- time monitoring and transaction analytics.
For many banks, assembling ATM data for analysis is labor-intensive, and inflexible. The data is likely scattered across multiple systems, owned by different teams, and updated at different intervals. The means of accessing it are often labor intensive and inflexible as well, meaning that requests for new slices of data go into a queue for delivery that may stretch to weeks or months. Real-time ATM monitoring and transaction analytics software allows banks to build and own a rich base of data to guide smarter decisions that make their ATM channel more profitable.
Improving the availability of ATM transaction data can help you discover problems earlier, resolve them faster, and gain better awareness of how your ATMs are used so that you can provide an amazing customer experience.
 TRAC Research. APM Spectrum Report. 2013.
 Many banks measure ATM financial performance for on us transactions by factoring in a percentage of what it would cost to execute the transaction at another bank’s ATM.
 TRAC Research. APM Spectrum Report. 2013.
How open banking can drive innovation and growth in a post-COVID world
By Billel Ridelle, CEO at Sweep
Times are pretty tough for businesses right now. For SMEs in particular, a global financial and health crisis of the sort we’re currently witnessing represents a truly existential risk. Yet there is hope of a brighter future. Digital transformation is already helping organisations in countless sectors, with everything from building supply chain resilience to rolling out potentially life-saving contact-tracing schemes. Yet it’s not just delivering transformative benefits in grand projects like this.
Thanks to open banking rules, a new wave of fintech innovation is sweeping the globe, offering business leaders a new launchpad for success. Even something as simple as corporate expenses can be transformed by the power of open data — to help firms cut costs, reduce fraud risk and become more productive.
Opening up data to innovation
It’s easy to get bogged down in the technical details of open banking, and the slew of new acronyms it has ushered in: Third Party Providers (TPPs), Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs), and Application Programming Interfaces (APIs). Yet at the heart of the open banking revolution is a simple concept: the idea that forcing banks to open up their customers’ financial data will create more competition, and fresh opportunities for market entrants to create innovative new services.
This was at the heart of the UK government’s world-leading strategy when it was introduced back in 2016. A revised EU payment services directive (PSD2) gave it legal teeth, mandating that all payment account providers in the region provide third-party access for customers that want it. The push is also about reducing banking fees and enhancing financial inclusion, of course, but it’s in competition and innovation that the benefits really shine for businesses.
Access to real-time financial data via open APIs has already resulted in a range of new services which are helping businesses ride out the current economic storm. Whether it’s capabilities that can help freelancers prove loss of income to receive targeted loans, or services designed to streamline business processes to reduce costs and fraud — examples of innovation are endless.
What’s more, it’s already global. Aside from the PSD2, open banking rules are taking shape in Australia, New Zealand, Japan, Singapore, Hong Kong, Mexico and elsewhere. According to frequently cited Gartner predictions, regulators in around half of the G20 countries will create an open banking API regime over the coming year.
In the UK alone this is set to create a £7.2 billion revenue opportunity by 2022, with 71% of SMBs and 64% of adults expected to adopt it by then, according to PwC.
Making expenses pay
Corporate expenses and travel management might not be an area one immediately associates with high levels of innovation. But here too, open banking is having a profound impact. By combining automation, in-app approvals, integration with corporate policy and secure open banking APIs, companies like Sweep are offering new ways to solve old problems.
Part of the legacy challenge relates to productivity. Managing corporate travel costs and expenses was cited last year as the biggest concern of the UK’s small and mid-sized firms. Separate research claimed that SMBs are estimated to lose over £8.7 billion annually due to the time it takes employees and managers to complete these menial tasks. By automatically integrating real-time corporate bank account information into an easy-to-use app, we can save up to 15 hours a month on data input and travel administration per employee. That’s all time they could be spending on growing the business.
Another key area of concern is fraud. According to some estimates, fraudulent expenses claims could be costing UK firms £1.9 billion each year. In the US, the figure could be approaching $3 billion annually. Whether it’s the result of submitting expense claims for personal purchases, claiming for additional mileage on work trips, or over-claiming for other items, it all adds up. What’s more, fraud tends to spike particularly during times of recession, when normally diligent employees look for ways to supplement their income.
In this use case too, there are benefits to be had from open banking-powered solutions. Traditional manual processes offer too many gaps that can be exploited by fraudsters. Submitting paper receipts to finance departments — which must then input the information into spreadsheets or accounting software — is slow, error-prone and lacks accountability. However, with modern digital systems, transactions are automatically fed through from bank account to expense management platform. Here they are seamlessly checked according to policy and automatically approved, rejected or flagged for further investigation.
The future’s open
Thanks to the power of open banking, innovative fintech use cases like this are transforming operational challenges into opportunities to cut costs and fraud risks, improve employee productivity and become more strategic. With real-time data fed through from corporate bank accounts, finance directors can better understand spending patterns, react with greater agility and gain the insight they need to run their businesses more efficiently.
So what of the future? The good news is that open banking is only just getting started. As more sophisticated machine learning algorithms are developed, it has the potential for even greater disruption by empowering SMEs with predictive analytics and forecasting tools, or more accurate fraud checks, for example. Those in Europe may benefit most as PSD2 allows businesses to use tools that work seamlessly and securely across markets, without requiring any duplication of work.
In fact, open banking is not just good for individual SMEs, it’s important for Europe as a whole if we are ever to nurture successful digital unicorns to compete with those coming out of the US and China.
Open banking been described in the past as a quiet revolution. With the right buy-in from business and the continued innovation of digital platforms, it may soon become a full-throated roar.
Banks take note: Customers want to pay with points
By Len Covello, Chief Technology Officer of Engage People
‘Pay with Points’ – that is, integrating the ability to pay with loyalty reward points directly into the online check-out process – is a trend that is growing exponentially with big-name brands like Amazon, PayPal and American Express leading the way.
The past few months have posed an unprecedented challenge in the loyalty space, especially with the pandemic’s impact on travel. The unforeseen impacts across the board have caused institutions with premier incentive credit cards to feel increased pressure to retain their loyalty members. As such, exploring innovative ways to create a personalized loyalty experience for customers is at the forefront now more than ever.
Offering the flexibility to pay with points is certainly one option that can help transform financial institutions’ (FIs) loyalty programs. With the evolution of consumer preferences – like relying on other forms of payment outside of credit and the move towards contactless payments – viewing points as currency naturally ties into the “new ways” in which American consumers bank, pay and shop.
Personalization is a win-win for banks and loyalty program members
As the world continues to evolve in light of the pandemic, consumer habits like mobile banking and shopping online for groceries are likely to carry over long-term. As a result, consumers will expect their loyalty programs to provide new incentives to fit their ever-changing needs. By offering loyalty program members the ability to pay with points for the items they want or need during the online check-out process, FIs are creating a more personalized shopping experience. This can help increase member retention, especially compared to dated loyalty programs that offer limited options for point redemption.
As we’ve learned with iPhones, tap to pay and other technologies that reduce friction, once consumers begin using a new and convenient digital service, there’s little desire to go back to the old way of doing things. By incorporating pay with points into loyalty programs sooner rather than later, FIs will be setting themselves apart in terms of meeting their member’s needs with modern payment offerings.
Outside of providing a personalized experience to loyalty program members, pay with points as a program perk also has specific benefits when it comes to a bank’s bottom line. Currently, there are billions of dollars in liabilities in the form of unused points sitting on banks balance sheets. This is in part due to loyalty program members inability to spend their points how they want. By allowing a more personal and flexible way to spend points, banks can reduce those liabilities while creating a more engaging experience for their members.
Meeting consumer demand is easier than you think
Incorporating the infrastructure to power new digital capabilities is more often than not a cause for concern: how expensive will it be? What does down time look like? How long will it take to get up and running?
Luckily for banks, the process is actually quite simple – and inexpensive. With a lightweight integration of a few APIs, banks can tap into a pool of retailers to make their merchandise available for purchase with points by loyalty program members in no time. And as the retail network expands, there’s no need for additional IT work to add new brands into the fold. Ultimately, API integrations upfront create a frictionless and scalable solution for FIs and a preferred shopping experience for members. And based on market feedback, the personalized experience that results from giving customers the option to spend points as easily as they would cash or card, far exceeds any initial inconveniences that may arise.
According to our recent Customer Loyalty Survey, 75% of customers are more likely to spend loyalty reward points to make a purchase over other payment methods. The findings also indicated that 72% of customers are actively engaged in loyalty programs because of the available redemption options.
Long-term loyalty is not just about acquisition or promotional material, but rather the experience of redemption and viewing loyalty points through a fresh lens. Customers today are well-versed in what’s available to them online. The more redemption options offered to the consumer, the more appealing the FI becomes.
Loyalty point redemption in action
In April of 2020, when the world was mostly in lockdown, we looked at how a select group of approximately 3,000 consumers spent their loyalty reward points, comparing April 2020 to April 2019. Key findings suggest that, if given the opportunity, consumers will spend their loyalty points to buy what they want or need based on their specific circumstances. For example:
- Significant increases in the purchase of outdoor items like BBQs and smokers (+3401%), fire pits and heaters (+2644%) and pool and patio accessories (+1297%) suggested people were making the most of the spaces around them.
- Consumers were focusing on their personal health and well-being with the increase in points spent on fitness accessories (+1664%), bike accessories (+1453%) and fitness trackers (+536%).
- Finally, the increase in purchases of hand-held power tools (+3076%), smart control lighting (+1750%), stick vacuums (+1096%) and specialty small appliances (+531%) suggests consumers took advantage of the opportunity to check projects off their at-home to-do lists.
We’re keeping a close eye on how loyalty point purchases evolve as more retailers and FIs get on board with viewing points as a true form of currency, especially in a post-pandemic world. Which items will rise to the top in the coming months and years as the payments ecosystem evolves? Will flight purchases or experience-based purchases regain popularity?
What’s next in the loyalty payments space?
As consumers continue to look for alternative payment methods, offering the flexibility to pay with points is the perfect opportunity for FIs looking to reinvent their loyalty programs. Engage People has always viewed loyalty points as a fiat currency, creating innovative technology that allows for easy integration that satisfies loyalty program members’ needs.
In the future, there’s a real opportunity to incorporate loyalty reward points into everyday life – extending beyond the online shopping experience. Imagine a world where you can pay for coffee, your bills, monthly subscription services like Netflix or make charitable donations with loyalty points just as you would with a credit card or cash. The future involves a mindset shift by consumers, financial institutions and the entire payments ecosystem, and that shift is viewing loyalty points as a true form of currency. Like reaching for cash, a debit or credit card, loyalty points can easily become a payment option of choice for consumers. FIs that are at the forefront of this trend now have the most to gain long term.
The Importance of Liquidity Solutions
By Justin Silsbury, Lead – Product Manager at Infosys Finacle
Economic uncertainty and business complexity have made a deep impact on corporate treasury management in recent years. With regulations getting tougher, funding becoming elusive, and profits shrinking fast, the way liquidity is managed is making a real difference to companies’ survival. As corporate treasurers around the world struggle with the challenges of liquidity management, they are turning to their banks for support; it is imperative that the industry respond with digital solutions that enable clients to manage money efficiently at low cost.
Why corporates need liquidity solutions
Corporate banking customers need a liquidity structure that maximises security, liquidity and yield. Even today, treasurers in multinational corporations lack visibility into their companies’ overall cash position across countries and currencies. Delivering returns on excess cash, although important, is not a priority for them, but making sure the money is safe and available when needed, is. Therefore, a liquidity solution should be able to consolidate a company’s cash position across all its accounts around the world, provide a unified view in real-time, as well as offer timely suggestions on maximising utilisation and yield. It should automate all these functions as far as possible to reduce both manual overheads and the risk of moving money manually on a daily basis.
Broadly, liquidity solutions are of three types – cash concentration solutions that automatically move money around the world; interest optimization solutions that reward customers based on their aggregated balances without the need to move any money; and investment sweeps that move all the consolidated funds to a money market fund or other short-term investment to earn extra returns.
And why banks should provide them
There are several reasons why banks should invest in a sound liquidity solution. The most important one is that without it, a bank can never become a customer’s principal financial institution. A large corporation will have many banking providers, each one trying to increase share of wallet; in this situation, a high involvement product such as a liquidity solution is particularly effective for building stickiness and strengthening a bank’s position vis-à-vis others. An illustration may be useful here: say a food retail chain banks with Santander in the U.K., and other banks across Europe. If the retailer chooses to consolidate its cash daily into its U.K. account using Santander’s liquidity management solution, where the excess cash can then be swept into an investment vehicle overnight, over time, Santander can cross-sell other products to the client to increase revenue and stickiness.
Technology does it
Corporate banking has historically lagged retail banking in technology adoption. It is high time that banks remedied this by digitizing their corporate solutions. Specifically, they can leverage a variety of digital technologies to provide clients instant access to liquidity, global visibility into the overall cash position, and efficient working capital management. With robotic process automation and machine learning, they can simplify and automate processes to cut cost and lead-time. Blockchain enables banks to offer fast, secure, cross-border transactions, while open APIs ease collaboration and co-innovation with Fintechs, customers and developers.
Banks need to deliver frictionless, personalized, “retail banking-like” experiences over customer-centric corporate banking channels. Instead of channel silos – one for liquidity, another for payments and so on – customers will see data from all their accounts in one place, from where they can manage liquidity, forecast cash flows, secure trade finance etc. On their part, banks can use 360-degree customer insight to issue not just timely alerts but also contextual recommendations. For instance, being able to alert a customer that a large payment is due the following week, but also suggesting the best options for arranging those funds.
Apart from improving the customer journey, a real move in corporate banking is towards cloud adoption. Many banks have started the cloud journey, but many still have some distance to cover before they are fully cloud-enabled; mainly, they are migrating monolithic, on-premise workloads to the cloud. Early adopters, such as JP Morgan Chase, HSBC and Citibank, are setting the pace by developing their own capabilities as well as procuring certain components from Fintech partners to plug into their overall solution.
One size doesn’t fit all
In the past, corporate banking solutions were largely meant for big companies, but today they are relevant to enterprises of all sizes. Internet and mobile have enabled even small local firms to scale far and wide, creating a need for solutions to manage their money across borders. Therefore, banks need to make sure their liquidity solution can accommodate the different needs of different clients. Only a flexible, componentised solution can do that.
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