Boston, June 12, 2013 – Research from Aite Group today shows that next-generation corporate portals have the ability to transform banks and their online banking sites from transaction providers to relationship builders. Banks can demonstrate an understanding of customer needs while avoiding disintermediation and more effectively serving a demanding customer base by providing single, integrated sites that have richer features and easier access to actionable data.
Aite Group examined the corporate portal strategies of 22 Tier-1 and Tier-2 banks globally, analyzing the key challenges that institutions face as well as key roadmap items and the benefits institutions hope to enjoy.
Survey results show the importance of addressing future demands and requirements. Linked to this are five key areas shaping the future of banks’ corporate portals: analytics, cash flow forecasting, online communities and social media, enhanced security strategies, and new-device support.
Portals will eventually go beyond simply handling and processing transactions to enable greater visibility over working capital, liquidity, and risk exposure to clients who operate across different time zones, work in multiple currencies, manage numerous banking relationships. Portals will also ensure banks meet financial, reporting, and regulatory requirements. Customer needs are evolving and banks need reciprocal technologies to keep pace with corporate customers’ demands.
“If implemented properly, corporate portals have the potential to change the way banks operate. These portals are not just a technology transformation but rather a full bank transformation—they better position banks to build relationships in addition to offering transactions,” says Christine Barry, research director in wholesale banking at Aite Group.