Cash Management transformation – From commoditized products to added-value solutions

The changing needs of corporate customers, increasing competition from fintech players, and the advent of new technologies are presenting banks with a unique opportunity to transform their cash management offerings and capabilities.

In our thought leadership report on cash management transformation, we describe the challenges banks face in digitizing cash management and the key imperatives to overcome them, including:

The power of collaboration

Fintechs are increasingly seen as valuable collaborators and for one powerful reason: product innovation. New products, services, and solutions help banks attract and retain Cash Management clients. In fact, Wipro research shows that bank-fintech collaborations lead to new products or solutions 80% of the time.

Embrace the ecosystem

Cash Management is about optimizing a customer’s cashflow and providing tools and services to improve cash efficiency and effectiveness. New collaborative partnerships and platforms - with insights powered by data - establish a powerful ecosystem.

Architecture for an Omni-channel world

The multichannel approach is great, but can cause a sub-optimal customer experience. What happens, say, when a sales representative hands off a new customer to an online onboarding process? Today’s world must be Omni-channel, with systems that ensure a seamless customer experience across all channels.

Leveraging real-time analytics and predictive analytics

In the Cash Management world, many banks are using predictive analytics for risk management, underwriting, and fraud detection, but there are even more potential benefits of real-time analytics for Cash Management customers and the banks that serve them.

Move to the cloud

Unlike traditional decentralized cash management systems, cloud systems ensure consistency of processes and controls in all situations, adding an extra layer of robustness against capacity constraints that can arise due to remote working, cyber-attacks, and volume spikes.

To gain a deeper understanding of these issues, download and read our report: “Cash Management Transformation: Trends and what banks need to do now.