Getting down to business banking
Drive growth and new revenue with a fresh approach to commercial services.
With a surging economy, a favorable regulatory environment and increasing pressure to drive growth, more financial institutions are targeting commercial business to find entirely new revenue. According to the experts, commercial opportunities abound in lending, payments and treasury management, but the road to success requires attention to new realities.
Businesses’ expectations are high for an intuitive, immediate and inspired banking experience – the same seamless digital experience people are used to as they shop, connect and manage their lives. And competition for commercial banking business, including deposits, is getting tougher thanks to rising interest rates and pressure from fintech players.
“Businesses now compare their banking experience not with other banks or credit unions, but with platforms such as Amazon,” said Christine Barry, research director at the Aite group. “Fintech is raising the bar, forcing financial institutions to play catch up to replace outdated, clunky experiences with a newer, more modern look and feel.”
San Antonio-based Broadway Bank has a similar story to tell. The $3.6 billion commercial bank recently introduced enhanced treasury management capabilities to compete with bigger financial institutions for the bread and butter of its business – commercial services, private banking and wealth management – while also making a big difference for its customers.
continue reading »