IBS Journal September 2016
21
of large and medium-sized companies and offered to banks providing services to such companies. It’s a transactional banking system, a financial management tool, and a solution to facilitate handling of bulk payments – all rolled up into one.
So first, it will help your financial institution manage a wide range of banking products and services directed to companies, without having to purchase additional systems that support, say, FX dealing or cashflow forecasting individually. One system, one sign-on, full grasp of the situation.
Second, it will handle your customers’ transactions in the blink of an eye thanks to the integration with the most popular ERP systems (not only SAP or Infor) – it is these systems that you will create and authorise transfer batches from. The creating can be done on a PC by an accountant sitting in her office in Baden-Baden, the authorising – by a CFO reaching for his phone shortly before a flight to Kuala Lumpur. Biggest single transfer so far? $19 million.
Third, it will support corporates in managing accounts of different types, buying currencies, making local and international payments: SWIFT or SEPA, or consolidating balances across the world. It’s going to suggest how to solve a liquidity problem too. Factoring? Increasing the credit line? Trade Finance if a given company does lots of transfers to China?
And fourth, you will pick your own modules as if you ordered a fine dinner from the menu – and get them in a uniform interface regardless of using desktop, mobile or wearable devices. We like to say: whatever you choose to run the system from, it just works. Our happy clients in
Europe, Asia and Africa can attest to that.
Think about it: there are not many off-the-shelf corporate banking systems. Why? They require highly specialised know-how to be developed. Simply put, you don’t design a corporate banking solution if you don’t know what you’re doing. That’s why most of what you can get on the market today is retail-based. But let’s face it: you can’t have an 18-wheeler on the chassis of a compact car.
The more so as the expectations of corporate banking customers are growing — to the point where they become a significant challenge for the industry. The Boston Consulting Group’s recent survey conducted among such customers worldwide shows that more than 60% of them say that they are willing to switch — and even pay a premium — to work with banks capable of delivering an integrated, omnichannel service.
According to the survey, three digital strategies show particular potential: seamless online banking, enhanced digital advice, and real-time decision-making support. BCG suggests that over a five-year period, the “big three” can boost revenues by up to 40%.
Single-sign-on processes, credit preapproval, hassle-free integration across devices and channels, or straight- through processing of routine tasks - these are some of the areas bearing paramount importance in the corporate banking of today. But today is where tomorrow starts and the industry “is on the cusp of a far-reaching digital shakeout” — write the analysts.
Brace yourself for tomorrow then. A new one.
Comarch specialises in developing sophisticated software and IT systems for the largest international brands in finance and banking, telecommunications, public administration, and more.
Further details at:
finance.comarch.com
www.ibsintelligence.com
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