Boston, January 16, 2013 – A new report from Aite Group reveals the top 10 trends that will shape the wholesale banking industry in 2013.
The level of pressure being placed on banks to reinvent themselves to avoid disintermediation and declines in customer satisfaction will continue to intensify in 2013. The financial crisis brought to light the inefficiencies and challenges that banks face as a result of siloed organizational structures, unintegrated and outdated technology systems, and a disconnect with customer needs. These factors, coupled with an increasingly demanding and changing customer base, are forcing financial institutions to identify new ways to interact with and serve their customers.
For 2013, then, Aite Group’s top 10 trends for wholesale banking are as follows:
• New efforts for differentiation
• Corporate portal strategies advance
• Filling small-business product gaps
• The continued impact of regulations
• Accounts payable and accounts receivable solutions save the day
• Cyberattacks evolve
• Analytics see slow adoption with scattered areas of visibility
• Credit IT investments rise, defaults poised to surge
• Stronger balance sheet capacity/liquidity management
• Corporate treasury systems evolve
“Financial institutions must offer new tools, channels, and products and services to help their customers overcome new market challenges, and they must offer more robust cross-border payments and global capabilities to a broader target market,” says Christine Barry, research director with Aite Group and co-author of this report. “Greater automation for better management decisions, more accurate processing, and better customer servicing should be on the 2013 ‘to do’ lists of all banks.”
This 25-page Impact Note contains six figures. Clients of Aite Group’s Wholesale Banking services can download the report.