Top Trends in Corporate Online Banking
Bank customers have started to demand that their banks’ online offerings keep up with the times.
The corporate online banking space has stagnated for far too long. The Internet has evolved to provide consumers with rich and interactive experiences. Unfortunately, the banking industry has not kept pace with the evolution of the Internet, and customers have started to demand that their banks keep up with the times. For the most part, financial institutions recognize their online shortcomings. The question is why haven’t they acted on them, what can they do about it, and how can they keep up with ever-increasing customer demands. These questions become even more difficult to answer as cost estimates for large projects balloon, and there is increased pressure on the corporate side of the bank to keep the online ship afloat.
The good news is that next-generation corporate online banking is on its way. Bits and pieces of it have already landed and will evolve. A new report, Top Trends in Corporate Online Banking, examines and analyzes the top trends in online cash management, and provides recommendations for financial institutions. Some of the trends are in full swing; some are nascent; others are expected to impact the space within the next three to five years.
“It’s challenging for banks to build business cases that involve online portals and user experience overhauls,” says Jacob Jegher, Senior Analyst with Celent’s Banking group and author of the report. “It’s easy to get caught up in sexy technology, but at the end of the day, it’s about keeping customers satisfied, and striking a balance between functionality and user experience.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Banks Are Struggling with Cash Management Portal Development
Categorization of Portal Elements Is Necessary to Obtain a Cohesive Dashboard
The Convergence of Online and Mobile Banking
One Solution to Rule Them All?
Vendor and Solution Consolidation
User Experience and Functionality Trends
The Quest to Find the Balance Between User Experience and Functionality
Streamlining Onboarding and Administration
The Tablet Will Act as a Catalyst to the Redesign of Corporate Online Banking
Social Media Is Emerging in Corporate Banking
It’s Time to Overhaul Multifactor Authentication
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research