Today, customers demand an improved and engaging experience from their banks, therefore, the way banks serve their customers needs to change and evolve. Clients want their banks to deliver real-time visibility into their financial transactions allowing them to make better financial decisions.
Banks need to develop new products and services to meet the requirements of a digitally engaged clientele. Consequently, these financial institutions have started collaborating with fintechs to prosper in the digital economy. Fintech companies help identify the loopholes of banks in delivering an engaging client experience. They develop innovative, next-generation IT products and services for the banks allowing them to manage clients’ expectations and remain competitive.
Fintechs have started deploying open, cloud-based banking systems enabling commercial banks to develop functionality bridging the gap between traditional processes and deliver what today’s corporate clients need. Fintech companies ensure direct connectivity between the ERP software of the corporate banks and those of their customers.
This type of connectivity would create an improved digital experience, save time, reduce human errors, and decrease operational costs. Making digital connections with their corporate customers will allow banks around the globe to realize the productivity and savings. This will propel the digital transformation of the banks.