From digital wallets to palm payments, glitzy retail payment innovations often grab headlines. But a new study from Capgemini suggests an even bigger revenue opportunity for the banking industry can be found in commercial payments.
The study urges banks to offer enhanced cash management services and put more emphasis on how they can help businesses with all things payments.
Businesses are dealing with inflation and higher interest rates — and many have a much greater need than they did before to know their precise cash position all the time. Stale information is no longer acceptable.
All of this will further accelerate the digitization of business banking and payment services, Capgemini says.
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