A new report from Celent forecasts that global corporate banking revenue is set to grow 4% from 2016 to 2020, a doubling of the growth rate recorded between 2010 and 2016. The report highlights that transaction banking and commercial lending represent a USD 915 billion revenue opportunity through 2020, and high-performing banks have an opportunity to grab an outsized share of the corporate banking wallet. In addition, the report predicts that automation and deep digital adoption could save the wholesale banking sector between USD 15 billion and USD 20 billion.
The report from Celent, looks at the defining capabilities banks need to serve corporate banking customers. It also assesses vendors based on the full breadth of their corporate banking capabilities. Finastra’s corporate banking platform emerges as the broadest, most integrated suite of applications, connected on a single platform for corporate banking. The analysis covers bank requirements and vendor capabilities across cash management, trade and supply chain finance, lending and credit, digital channels and back office and accounting capabilities, including payments and loan servicing.
According to Celent, “in 2016 corporate banking made up 38% of overall operating income across 20 of the world’s largest banks. Banks that want to attract and retain this business must continue to invest in updating and enhancing their technology infrastructure while embracing emerging technology. Integration underpins this idea of ‘connected corporate banking’ and is crucial to providing the efficient services corporate clients demand and providing the platform every bank needs to differentiate their service offerings in the future.”
The publication of the report coincides with Finastra’s release of the latest version of its connected corporate banking platform.
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