During the past five years, banks serving corporate, commercial, and small and medium-sized enterprises (SMEs) have made incremental transformation investments that only partially addressed shifts in client expectations for improved service offerings and richer digital experiences. Other efforts addressed specific operational challenges and helped streamline compliance activities. Banks have adopted emerging technology, but typically in a siloed fashion, with a small number of fit-for-purpose use cases. Likewise, most large banks have focused on cost optimization.
Yet, the case for a fundamental transformation of the industry is stronger now than ever before. That’s true in spite of the market challenges caused by the COVID-19 pandemic. Traditional products are no longer relevant, and clients demand more value-adding services and richer experiences. The many disruptions already underway signal what’s to come and confirm that tomorrow’s leaders will need to define and execute on a bold vision. That will include defining a purpose and developing offerings aligned with that mission, as well as becoming relentlessly client-centric through harnessing data and analytics to provide easy-to-access digital products and services.