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Featured in the Sunday Times ‘Future of Banking’ report, Cashfac CEO Richard Cummings explores the Virtual Transformation of Business Banking
Banks face immediate challenges from new regulation, agile tech-savvy competition and increasingly demanding customers, but by using technology creatively many of these threats could become opportunities. Some banks are already stealing a march on their competitors with innovations such as virtual accounts making banking easier for businesses.
While corporate finance or treasury functions have evolved consistently to comply with new legislation, business banking systems have remained relatively static. As a result the most basic activity of managing cash and understanding a company’s true position is a complex and expensive process.
Virtual banking technology adoption is being actively demanded by corporates and encouraged by banks seeking virtual transformation. The slow evolution of business banking to incorporate digital channels is accelerating, moving quickly from offering simple statement and transaction data to a broad array of sophisticated integrated payment and receipt services that are capable of accommodating virtual banking technology.
The most forward-thinking banks are embracing this technology and investing in delivering the most functionally rich cash management services to support centralised payments or collections factories, and even offers the prospect of in-house banking capabilities. So the perfect storm about to hit the banking industry doesn’t signal doom, but rather offers new opportunities to provide more sophisticated services focused on the future.
The Future of Banking was published on Sunday 22nd January 2017 in The Sunday Times’ . This article is an excerpt taken from that supplement. A full copy of this report from Raconteur can be accessed below.