The banking industry is unquestionably going digital. Retail banks started their journey towards more customer-centric digital services years ago. Now, corporate banking clients also expect the same frictionless, personalized experience they currently enjoy with retailers.
In an age of one-click ordering and instant approvals, corporate clients will not tolerate frustrating lengthy banking processes. Many of these business owners are already rapidly digitizing their own operations. As such, they expect their bank to support them in the same dynamic and relevant way.
Digital disruption has come to corporate banking
Corporate banks are now rethinking their processes from a client perspective, to deliver an outstanding digital experience. This usually starts with streamlining the onboarding process to set the right tone. But, to differentiate in such a competitive market, banks need to go further by digitizing and personalizing their end-to-end processes across the entire corporate client journey.
Creating digital client focused journeys
Banks are already offering omni-channel self-service coverage such as internet and mobile banking to their corporate clients. These will invariably include standard services such as transactions, international payments and payroll administration. On the other hand,
corporate banking channels also should give employees the tools to instantly react to ever-changing corporate needs.
For example, VeriPark's
VeriChannel internet banking solution includes a powerful Self-Service Admin Console. This functionality enables corporate clients to define the specific processes and approval flows that are most relevant and useful for their business. Effectively, your clients can create their own digital banking journeys to suit their own needs. And, they can do it quickly and cost effectively at any time without any additional IT support.
Here's how your clients can create their personalized digital process flows
Let's say your client – active in the hospitality industry - wants to automate their housekeeping department's budget and expenses procedures. Admin Console allows them to define their own approval rules based on the transaction amount, account and beneficiary. For example, they could set an approval process where named individuals - such as a housekeeping supervisor – can sign off invoices under $1,000. After that, the Director of Housekeeping must approve anything over that limit.
The Admin Console functionality is highly flexible. For example, clients can assign roles such as Entry, Approver, Reviewer and Supervisor to each internet banking user. In fact, they can assign up to fifteen levels of sign-off.
They can also set up group signings, where transactions are routed based on the defined limits and groups. The users could even approve transactions via their mobile or AppleWatch if they're out of the office. To ensure everyone's kept up-to-date, approvers receive an email or text when a transaction is pending for their approval. There's also a user-friendly graphical display showing the current stage of the approval process for each transaction.
There's no doubt the combined forces of technology and competitive pressures are bringing sweeping changes to corporate banking. Innovative digital solutions, such as the Admin Console within
VeriChannel, go well beyond standard corporate internet banking services. The ability to offer your clients personalized and secure digital journeys with flexible approval authorization levels is a powerful differentiator and competitive advantage.
Would you like to find out more? If so, get in touch with us!