Transaction Banking business has gained strategic importance globally over the last few years, be it in terms of volumes managed and predicted growth trajectory, or its proven capability to ensure stable revenue growth, even in periods of financial turmoil. With customer satisfaction index in cash and trade showing upsetting results of less than 50%, banks must offer real-time convergence of cash and trade services with enhanced data mining capabilities to assess buyer supplier relationships.Who wouldn’t want better systems, to fix that?
With rising globalization, corporations need highly consistent and centralized transaction banking services-in product, process and experience. At the same time, banks must comply with dynamic regulations, provide all services agnostic of channel, expand self service, enhance cross border capability, add new products and services on the fly and streamline and integrate disparate back office systems. With this globalization comes an expectation of greater value from banking partners in terms of solutions that draw on multiple traditional products, tailormade products, multi-bank aggregation and interaction across business activities such as payments, trade, cash and liquidity while maintaining strict, central control over access. Never before has choosing the right technology partner played such a vital role in banks staking their claim, in today’s transaction banking gold rush. Technology vendors must offer a comprehensive solution that covers the entire corporate financial supply chain from payments to treasury management, in a fully integrated manner, supporting bundled and cross-product solutions, with omnichannel access, connected to the ERP, capable of aggregating multiple bank information, leveraging efficient shared services and providing uniform entitlement comprehensive reporting important: real time analytics are crucial. In short - reliable, integrated, cost-effective transaction banking.