Banks need to enhance dialogue with corporates

Very Internesting interview.

One particularly effective way that banks can respond quickly to the increasingly competitive market in which to serve their corporate client base is to collaborate with established fintechs who know the corporate space well and can partner with the banks to provide modern services such as instant payments, automated reconciliation and enhanced STP to Treasury and other departments. Although banks use these functions internally within their own payments processing operations, it is often more challenging to internally develop such services for provision to external parties such as corporate customers, which is why there is real value in leveraging the expertise of a fintech here. 

Some fintechs have developed dedicated products (which banks can white-label if they wish) that can be accessed securely via SaaS or installed locally, which enables banks to provide much greater flexibility in their corporate payments and cash management offerings. The nimble nature of the fintech means each implementation can be configured and deployed around the corporate's specific requirements, rather than going down the traditional route of them being forced to conform to the bank(s) (sometimes varying) standards, enabling the provision of innovative digital services in a timely and cost efficient fashion.