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Convenient and contextual: iGTB’s Herber de Ruijter shows the way forward for corporate banks in an expert piece for The Paypers

 

Convenient and contextual: iGTB’s Herber de Ruijter shows the way forward for corporate banks in an expert piece for The Paypers

15 March 2017

Herber de Ruijter, Head of Digital at iGTB, writes in The Paypers that in the age of digitalisation, the vast amounts of client data available to banks can enable them to offer entirely new services and enhance bank-client interactions, rather than just keep up with the pace of change driven by regulations and industry competitors.

With Open Banking Application Programming Interfaces (APIs) set to revolutionise the industry, de Ruijter says banks can leverage the fact APIs represent data exchanges between the bank and its clients. One scenario is for banks to harness enriched, granular client data to develop advanced APIs as service providers, but de Ruijter points out that this comes at the cost of surrendering ownership of the primary relationship with the client.

The shift to real time, however, could provide an answer to this, says de Ruijter. This is because bank-client relationships would be more “in the moment” and contextual, opening up a raft of new capabilities for banks to offer their clients, as well as new bank revenue streams.

De Ruijter explains that corporate banks should look to integrate into their clients’ supply chains, just as retail banks are now aiming to become part of consumers’ lifestyles. To do so, corporate banks must understand and anticipate client needs and offer automatic, tailored recommendations – a two-way dialogue, but potentially more meaningful than a traditional human one.

Finally, de Ruijter explains that convenience is key to any offering. For example, digital self-service capabilities – a leading use-case – have often seen solutions hampered by cumbersome front-ends. Fortunately, as long as banks are aware of this, UI/UX is an area where significant improvements can be made to put banks ahead of the competition.

To read the full article, please go here.

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