This Month In Commercial Banking
Commercial banks are in a race to respond to their customers’ desire to perform more tasks seamlessly through the digital interface. Examples include servicing and, more specifically, secondary account opening, account validations, payments and beneficiary management. But as banks invest to expand these digital capabilities, they need to balance enhanced user experience and efficiency with security.
In November’s issue of “This Month in Commercial Banking” we noted that banks will be increasing their digital investment budget by more than 25% in 2023, placing bets on a mix of initiatives that will transform client experience and drive revenue. Curinos digital analysts have identified centralized workstations as one of the top digital investments that can drive platform growth by personalizing the user experience.
Centralized workstations help companies to reach a balanced level of security, control and transparency across their corporate digital platforms. Organizations require data to be secure behind the firewall, accessible in real-time and shared among permissioned users to create efficiency across workflow journeys, such as payments and beneficiary management.
But organizations have difficulty getting their hands on real-time data that can be shared with low security risk. As a result, banks are developing client-facing centralized workstations for core treasury processes.
A national bank, for example, recently launched a centralized workstation that is a single point of contact for permissioned users to oversee, control and audit self-service requests. Users can complete real-time validation of accounts and view them with transparency, including those that were digitally onboarded and linked to the company profile, thereby allowing these users to engage in immediate activity, including transfer of funds. Other enhancements include providing updates through fulfillment, such as current status, action where necessary and account validation letters, whether exported or shared.
Such new centralized workstations eliminate redundancy and increase efficiency by housing data in a central location and provisioning data when and where needed.
This level of personalization is set to grow significantly in 2023 – and the applicability isn’t limited to self-servicing. Besides an improvement to overall user experience, the result is efficiency gains for both the customer and the bank.