Technology is a challenge for banks just as much as it is an opportunity. They must carefully consider the investment will meet the specific needs of their clients based on geography, industry and complexity.
The client experience must be right for each end-user’s persona and role in the business. At the same time, looking across the noisy lending process within banks, lenders must find ways to automate. Only by doing this will banks ultimately reduce time to drawdown for businesses.
But a platform is needed to take the solutions and processes across all of the banks’ functions that touch on corporate lending and to orchestrate so that each system can be interoperable.
Orchestrating lending with such a platform approach will allow banks to plug-and-play solutions as they need, upgrade and implement at a fraction of the cost, vastly reduce time-to-value and, crucially, win the hearts and minds of clients.
The key take-aways
The problem with end-to-end lending and why different players and processes, talking in a non-linear fashion, cause the lending process to be too noisy for innovation.
Why technology systems alone will never solve for banks’ technology challenges and why this approach limits their ability to compete in the future.
A focus on client banking portals as the conduit for the ultimate client experience. What does the client want to see and how can lenders give corporations a channel solution which is future proof?
Models for collaboration which allow banks to get ahead of the technology and regulatory curve now, and in the future.