Corporate and Retail banking are two separated worlds inside the banking industry. While retail banking is dedicated to individual consumers, corporate banking gives financial support to big companies and institutions. In the retail banking sector, a lot of improvements have been done in the last years, and it seems that the corporate field has been in sort of left behind. As corporate banking clients are also individual users in their personal life, they are now expecting the same facilities and improvements when it comes to using corporate banking, which is totally fair and understandable. Why are they so many differences in these two sectors? How can we improve corporate banking? We’ll try to give you some hints below!
First of all, Banks should start changing a few things when it comes to products and services. Employee’s mind is one of them. Bank’s employees should start treating the user of corporate banking in a more individual and personalized way, because in the end it’s all about human relationships. But that’s not enough, the digitalization processes of the bank, such as mobile channel and web should also get refreshed to be made more simplified and also more user friendly.
Being more user friendly is becoming a recurring theme. Banks must find a solution to make corporate banking easier, with a simple and intuitive interface. Corporate banking is a complicated business, the key is to make it simple, or at least to give the feeling that it’s simple. Corporate banking must become “simple, quick and individual” as the retail banking best practices.
Transparency, efficiency and flexibility in the process application and corporative rules. The digital channels must facilitate the day to day to corporate users, not only freeing them from repetitive tasks, but making integration easy with its own corporate management systems, facilitating this integration means making easy the flow of processes with your customers, which means to encourage loyalty.
Finally, according to doingbusiness.ro, corporate clients expect from their bank to be listened. Being listened means to feel understood. Once again, empathy is a top priority, as caring for human relations is essential in any kind of business. Still according to these magazine, clients want: a quality service, quality products, stability, transparency, competitive prices, technology and innovation.