Business banking is also gaining momentum. It’s only a matter of time before the full force of digitalisation and customer experience reaches business customers. Let’s be honest, there’s not a single reason why business customers – whether corporations or SMEs – should still have less convenient and largely analog banking.
After all, there are real people behind companies, who naturally demand a convenient and contemporary banking experience with which they’re familiar from their personal account. They also want to reap the benefits of sophisticated, digital user experiences in the banking sector. SMEs have been neglected by their banks for far too long.
In order not to miss the boat, banks should not only adapt their business models in the business customer segment as soon as possible. They should also digitalise all their offerings and create an ecosystem that offers customers a range of services that go beyond traditional banking.
Does this sound like a mammoth task? You’d be right to think that. Some are tackling it on their own, while others are relying on FinTechs that supply ready-to-use solutions. Of course, this accelerates the digitalisation process immensely. After all, older, established banks don’t have the benefits of a startup, i.e. the ability to be agile and fast. Neither their corporate structures nor their IT setup allow it. Nevertheless, they can offer decades of experience and an immense data record, which must be used to design an innovative and digital customer experience.
Here are three visions of what digital, data-driven and customer-centric business banking of the future might look like: