Until recently, commercial banking appeared relatively less prone to disruption when compared with retail banking. Things are beginning to change, however, thanks to increasing expectations from corporate customers and the proliferation of next-gen technology. Ongoing industry regulations are encouraging bank innovation and opening doors for new market entrants such as online marketplace lenders. Banks are overhauling their back-end processes through digitization and are leveraging data analytics and automation to streamline operations. Application Programming Interfaces (APIs) are being used to connect with third parties such as FinTechs to collaborate and resolve long-standing customer pain points, including slow payments and settlement cycles as well as complex and paper-based trade finance processes. Commercial banking is expected quickly evolve faster in the coming months and years. This report shares trends likely to impact commercial banking ecosystem dynamics in 2018.
HFS’ perspective on the new era of business services
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