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Hyper contextual Banking in Retail, Corporate, and Wealth Management

Hyper contextual Banking in Retail, Corporate, and Wealth Management

The banking industry has witnessed significant technological advancements, revolutionizing how financial institutions interact with their customers. 
One such groundbreaking innovation is hyper-contextual banking, which leverages data, artificial intelligence, and personalized experiences to transform retail banking, corporate banking, and wealth management. In this article, we will explore how hyper-contextual banking, being the spearhead in a company like Maveric, is reshaping these sectors and revolutionizing the banking experience for customers.

Case in Point 

For some time now, banks have repeatedly requested customers’ salary information to assess risk, adjust credit limits, and supply access to more loans. These non-mandatory requests that need no proof have increased by 500% over the last three years. While the banks receive monthly credit reports from agencies that tell them how good you are at paying your bills, the information requests on earnings are a way to hyper-personalize relationships. 

Retail Banking: Personalization at the Core

Hyper contextual banking is reshaping the retail banking landscape by placing personalization at its core. Traditional one-size-fits-all approaches are being replaced by tailored experiences that cater to individual customer needs. Banks now access vast customer data, from transaction history and spending patterns to demographic information and social media interactions. By leveraging this data, banks can gain rich insights into customer behavior and preferences, thereby enabling them to deliver highly personalized services.

For instance, hyper-contextual banking allows banks to provide customers with real-time, relevant product recommendations. By analyzing a customer’s financial behavior and goals, banks can offer personalized mortgage options, investment advice, or even suggest a credit card with benefits aligned with the customer’s spending habits. These customized recommendations enhance the customer experience and foster stronger customer loyalty.

Moreover, hyper-contextual banking enables seamless omni-channel experiences. Customers can initiate transactions through various channels, such as mobile apps, websites, or even voice-activated virtual assistants. The data collected from these interactions allows banks to offer consistent and tailored experiences across different touchpoints, ensuring customers feel valued and understood at every interaction.

Corporate Banking: Enhancing Efficiency and Collaboration

Hyper contextual banking also revolutionizes corporate banking by streamlining processes and enhancing efficiency. Corporate clients like businesses and institutions have unique banking needs that require customized solutions. By leveraging hyper-contextual banking, banks can gain a deep understanding of each corporate client’s financial operations, allowing them to offer tailored services and optimize financial strategies.

Over 80% of marketing leaders recently surveyed by Gartner say competitive advantage in the digital banking world comes from CX. An efficient way of achieving CX in corporate banking is to adapt products and features that keep pace with changing habits or hyper-contextualize. 

One of the key benefits of hyper-contextual banking in corporate banking is the automation of routine tasks. Banks can automate time-consuming processes such as financial reporting, transaction reconciliation, and compliance checks by leveraging artificial intelligence and machine learning algorithms. This automation saves time and reduces human errors, enabling banks to provide more accurate and reliable services to their corporate clients.

Additionally, hyper-contextual banking facilitates collaboration between banks and corporate clients. By providing real-time financial insights and data analytics, banks can help businesses make informed decisions, manage risks effectively, and optimize their financial performance. Furthermore, hyper contextual banking enables seamless integration with other business systems, allowing corporate clients to access financial data and perform transactions within their existing workflows, thus enhancing operational efficiency.

Wealth Management: Personalized Investment Strategies

In wealth management, hyper-contextual banking is transforming how individuals manage and grow their wealth. Traditionally, wealth management services were only accessible to high-net-worth individuals. However, hyper-contextual banking democratizes these services by making personalized investment strategies available to a broader range of customers.

Through hyper contextual banking, wealth management advisors can analyze vast amounts of data about an individual’s financial situation, investment goals, risk tolerance, and market trends. This analysis allows them to create tailored investment portfolios that align with the client’s objectives and preferences. By leveraging real-time market data and predictive analytics, wealth management advisors can adjust investment strategies dynamically, ensuring optimal performance and risk management.

Consider Life Plan – Bank of America’s innovative digital experience to help clients to gain larger control over their financial resources. The feature leverages AI insights to make personal recommendations, track financial goals, and adjust them as life changes arise. Covering the gamut – family, health, work life, leisure, charity – the digital launch saw three million users engaging in the first three months. 

Furthermore, hyper-contextual banking empowers individuals to take a more active role in managing their wealth. Through intuitive digital platforms and mobile applications, clients can easily access personalized investment insights, monitor portfolio performance, and execute trades. This level of accessibility and transparency fosters a sense of empowerment and engagement, strengthening the relationship between wealth management advisors and their clients.

Conclusion

Hyper contextual banking is revolutionizing the retail banking, corporate banking, and wealth management sectors by offering personalized experiences, streamlining processes, and empowering individuals. By leveraging data, artificial intelligence, and advanced analytics, banks can deeply understand their customer’s needs and provide tailored solutions that enhance customer satisfaction and loyalty. Moreover, hyper-contextual banking enables banks to optimize efficiency, collaborate effectively with corporate clients, and democratize wealth management services. As this transformative trend continues to evolve, hyper-contextual banking will shape the future of the banking industry, driving innovation and delivering superior customer experiences.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership. 

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Pune, Dubai, London, Poland, Riyadh, and Singapore.

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Time for Banks to Advance with Corporate Banking Innovation

Time for Banks to Advance with Corporate Banking Innovation

The popular operating models in corporate banking are moving towards an open ecosystem. Corporate banking is a type of banking that combines the services of a commercial bank and an investment bank into a single entity. From deposit accounts to different investment services to insurance services, the sweep of services in corporate banking is vast.

In the future, an ecosystem approach, which opens banking platforms to external partners to expand their capabilities, functionality, and services, will allow corporate banks to host their products, like corporate loans, as well as access to complementary partner products, like insurance, and joint products, like syndicated loans, blockchain-based digital ecosystems, and placement of third-party competing products.

The momentum is in place. However, the challenges remain

Most corporate banks are universal players today, but a look into the future shows that there will be a 42% change in the platform business model between now and 2026, with corporate banks looking more towards orchestrating ecosystems and exploring partnerships.

Over 45% of the people who answered the RedHat survey said that open APIs, mobile, and advanced analytics are essential to their organizations. They also noted that current technologies, like artificial intelligence (cited by 62% of respondents) and robotic process automation (cited by 52% of respondents), are critical to getting their businesses where they want them to be. Not far behind (45%) are cloud computing, conversational banking, and Bitcoin.

Partnering with domain experts in corporate banking, like Maveric Systems, offers banks and FIs the latest advantages to their overall growth strategy.

Digital Innovation Priorities for Corporate Banking

  1. Open B2B APIs: Over the years, many banks have worked with their business clients to build monolithic transaction banking systems and proprietary Host-2-Host adapters. These are now being replaced by B2B services based on APIs. This is not only faster, but it also costs a lot less.
  2. Digital SME Banks: The SME sector is a critical business area for commercial banks, as 80–85% of their clients are in this sector. Financial institutions should strongly consider offering a digital SME banking solution, where onboarding, account services, salary processing, payments, and essential trade services are provided through a digital platform supported by virtual relationship managers and robot workers.
  3. Influence of Blockchain Technologies: The business of trade banking is being changed. Distributed ledgers and blockchains are here to stay. Documentation, secure delivery, and contracting were significant problems in the industry, but a consortium-based approach has helped to solve them.
  4. Higher IT Investments: The Culture of Innovation Index shows the results. Corporate banking is one of the best-performing verticals across all of the ones that were looked at. This shows that many banks, especially corporate banks, are now looking at how to offer innovation with a real sense of urgency. This is partly due to the rise of open banking and the increasing development of Real-Time Payments (RTP), which have sped up the creation of business cases for more significant transformation projects.
  5. Cash and Liquidity Management: The other top goals for the industry are to improve security and fraud detection (46% of banks put this in their top three), to improve liquidity management services (46%), and to make cash management better (45%). Security has always been important, and these efforts will go towards several projects inside the bank to improve customer service. Regarding cash and liquidity management, the focus is on solving some of the biggest problems that company treasurers face.

Conclusion

Corporate banking is going through a significant change. New technologies, changing customer wants and expectations, and new market infrastructures push corporate banks worldwide toward digital transformation projects. These projects will be the basis for new products, strategies, and business models.

But now more than ever, how banks approach these change projects will significantly affect how well their goals are met. Traditional models like centrally planned or heavily technology-focused approaches must be more effective. Organizations that continue to drive innovation from the top down should expect to fall behind competitors who see innovation as an enterprise-wide movement.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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Four Areas Of Focus For Corporate Banking’s Digital Innovation

Four Areas Of Focus For Corporate Banking’s Digital Innovation

Corporate banks can establish a successful digital strategy by following digital business rules: digital experience, operations, innovation, and ecosystems. Enterprise clients want improved service and innovation. Corporate banks that value real-time analytics and innovation over cost are digital leaders. These banks have insights-driven CFOs.

Every second CFO in leading FIs prioritized cloud, data and analytics, and legacy business app upgrades. Corporate banks are upgrading their finance and accounting software to manage their finances better.

The Disruptors Gameplan

Emerging fintech rivals are eating away at “conventional banks” from all angles and steadily eroding their century-old defenses. These digital banking innovators challenge the banking and financial business in payments, cash, loans, money transfer, investment management, and more.

Consider a few.

  1. Apple, Amazon, Google, Paytm, WeChat, and Alipay are replacing credit card/online payments.
  2. Digital wallets are replacing cash/cards/ATMs.
  3. Real-time payment services that eliminate cheques and internet payments.
  4. P2P lending services like Lending Club are growing more attractive than conventional financing.
  5. Monzo and N26 offer mobile-first current accounts.

Working with banking domain experts like Maveric Systems for corporate banking solutions helps leading banks create decisive momentum to grow their market share and boost customer loyalty.

Four-Pronged Approach for Digital Innovation in Corporate Banking

  1. Digital ecosystems: Create platforms and alliances to scale. Ecosystems help banks focus on their strengths and decide what to borrow. Corporate banks must cultivate partner ecosystems. APIs, internet connectivity, and digital delivery methods have made integrating company capabilities with suppliers, distributors, and partners cheaper.
  2. Digital experience: Easy, effective, and emotionally engaging. Digital disruptors employ technology to improve customer outcomes. Corporate bank digital teams need a variety of capabilities to enhance the digital client experience.
  3. Digital innovation: Keep pushing the digital frontier. Design thinking, agile development, fast prototyping, or continuous delivery—start small and adjust with rapid releases to transform product and experience development.
  4. Digital operations: Optimize products and capabilities. Modern business apps and functionalities let corporate clients have outstanding end-to-end experiences. If a corporate bank increases digital experiences by investing in customer-facing skills but not operations, it will be imprisoned in a Potemkin village.

Focus Areas - Corporate Banking

Guiding Trends influencing Corporate Banking

  1. Internet-enabled solutions improve demand, supply, and supply chain fulfillment operations.
  2. Mobile Connection – Mobile networks are cheaper than fixed-line ones and have permitted rapid infrastructure build-up, bringing vast segments of a previously unreachable audience into the “consumption” economy.
  3. Data Availability – Digital methods have increased data availability, both financial and non-financial (social media, geotagging, AI-based models, etc.)
  4. Decreased Cost of Acquiring and Serving Customers – By process automation, digital technologies are helping banks lower their client acquisition and service expenses.
  5. Trust-based Transactions: Digital social identities enable new ways to identify, monitor, assess, score, engage, and track customers. A digital footprint’s objectivity provides strong incentives to play fair and align transactional parties.
  6. Cloud > Physical Infrastructure – Most firms, especially services, can now develop geographically. Businesses can now serve customers in various countries.
  7. Cloud-based distributed and “pay-as-you-go” scalable infrastructure makes scaling businesses faster and cheaper.

Conclusion

Corporate banks must accelerate their digital transformation after Covid-19. Corporate banking is behind retail banking in change. To succeed, corporate banking teams need a digital vision and plan that considers cash and liquidity management, payables and receivables, and trade and supply finance trends.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric Systems accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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Looking For Your Next Role? EVPs Can Help!

Looking For Your Next Role? EVPs Can Help!

Today more than ever, EVPs or employee value proposition is gaining prominence – amongst active job seekers and employees thinking of their next workplace. EVP is an employer’s promise to employees that includes all tangible benefits and softer rewards in return for their commitment. The ‘value promised’ – often a combination of 3 – 5 pithy but potent messages – comes across company websites, internal and external messaging, and the organization’s physical spaces.

Why are EVPs crucial for job seekers?

Most people survey today posit how prospective employees (especially Millennials) rank a company’s culture as high as compensation. Admittedly, EVPs shape company culture. That is why it gets vital for job seekers to scrutinize if a company’s culture resonates with the unique person they are or want to grow into.

Most EVPs speak (directly or indirectly) about people practices – such as performance management, shared values, learning opportunities, growth, and exposure. The second benefit of examining EVPs is that a job seeker can benchmark it against other companies and better imagine how life at a future company will feel.

Let’s take an example to play out how EVPs function

Post-pandemic, the emphasis on employee well-being has grown manifold. Consequently, the topic of work-life balance has come up more than ever. After all, two years of remote work has shown that employees can benefit significantly from the autonomy of working from anywhere.

Learning from this, a few progressive organizations are creating work practices (and investing in remote work hubs) that foster genuine engagement and higher employee satisfaction. The definition of ‘work’ at these companies is shifting from ‘input’ to ‘output.’ This is an example where a cultural practice – ‘work-life’ balance – is organically brought into a value proposition (and more than an HR principle)

Changing Roles? How to leverage EVPs

First, it takes little time between reading an employer’s value proposition and deciding if it will fire up your passion! Beyond your roles and competencies, committing to a company’s mission is a matter of finding a cultural fit. Delivering enthusiastically on KRAs becomes a natural progression when this fit is great.

Said another way, either an EVP perks you up or it doesn’t. So, before you sign on the offer acceptance, consider it well; the ‘middle-ground’ choices don’t work best in the long term.

How does a job seeker bring a critical eye to EVPs?

  • Website – Begin by spending time reading the company’s EVP page.
  • Talk to employees – Discuss with the hiring manager and recruitment teams how the EVP is brought to life in the real world. Best is to talk to the employer branding team, as they are the ones who connect all the pieces together and would be able to explain the value proposition of an organisation better.
  • External sites – Study the social media handles, the organisation’s digital campaigns and the reviews of employees/ex-employees on the employer review sites like Glassdoor, Ambition-Box etc., to gauge the culture and other rewards beyond the paycheck. Keep an open mind while reading the reviews, as some of them can be deliberate, as there’s always two sides of a coin. Ultimately, you’re the best judge.
  • Lastly, check our social network for ex-employees and friends-of-friends and quiz them on their first-hand EVP experiences.

About Maveric-Systems

Since 2000, Maveric Systems has been a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Working with global and regional leading banks, Maveric teams are at the forefront of tech adoption. Transparent people strategies are co-created at Maveric from ground-up insights and executed at scale with trademark speed.  Our Employee Value Proposition is exceptional projects, outstanding learning opportunities, exceptional leaders, a distinctive culture of learning and adventure, all of which adds to the bottom line i.e., employees’ accelerated growth.

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Tips To Grow Your Corporate Banking Services

Tips To Grow Your Corporate Banking Services

There is no universally applicable answer to how banks determine radical growth strategies. More questions must be answered before one can fix the much-debated matter.

  • Given the current resources and competitive stacking, which unconventional growth prospects align well?
  • How many current opportunities can be pursued in a reasonable amount of time?
  • What governance structures should be implemented, as well as what organizational approaches?
  • What are talent pools required to pursue these innovations?

Regardless of the prospects that corporate banks pursue, they must invest in the new-age digital capabilities of design thinking, open innovation, advanced data analytics, personalization, and omnichannel customer service.

Success does not come with a hurried approach of driving too many initiatives simultaneously but from a clear understanding of which capabilities can generate the most value quickly, often in consultation with niche banking technology experts, such as Maveric Systems.

Growth Cycle For Corporate Banking

Growth Tips for Corporate Banking Services

Expand Value Offerings across the customer journey

For most consumers, dealing with a bank is merely a means to an end, such as securing a safe retirement, expanding a business, or purchasing a property. However, most banks prefer to focus primarily on discrete, bank-centric moments in the customer’s broader journey, such as providing a mortgage, while the customer’s more significant objective is purchasing a home. Banks need to focus on substantial value more than just the bank-related portion of the total experience. Banks can expand by engaging customers at other phases of their decision-making process.

Grow beyond the core into adjacent ecosystems

A tight emphasis on core adjacencies disregards the broader role a bank can play for its clients. By expanding their ecosystems beyond the conventional core, banks can leverage their existing customer base and operational skills, enhance customer interaction, and collect data that will provide a more comprehensive perspective of their customers’ requirements. As a strategy for expansion, banks have historically depended on educating clients about appropriate goods. This strategy involved adding additional banking products in the past, and there are better approaches than this one.

 Explore Community Marketing

As banks differ in size and capability, commercial development in the banking industry will vary from market to market. Small banks may have only one or two branch offices, while large commercial banks may have thousands of branches around the country. Regardless of a bank’s scale, each branch must develop locally-tailored marketing tactics to serve its immediate community. Consumers bank at locations where they feel safe and at ease. This necessitates tellers and account reps who are bilingual in English and any other prominent language in the community. By requiring branch managers to consider the local community’s requirements, the bank can attract a more significant proportion of its target market.

Premium Services

This is an excellent method for increasing bank deposits, as premier services are designed to attract clients with high net worth. Customers with a high net worth frequently have unique wants and expectations. Private bankers who can locate the optimal solutions to meet comprehensive financial conditions typically provide superior service. Client confidence is increased when a select group of private bankers individually handles all transactions and account reviews.

Conclusion

Even though it may be a difficult time to be in the financial services industry, there are numerous prospects for business expansion. The long-established products and services of the past, distributed via physical distribution networks using conventional sales and marketing approaches, are no longer suitable for their intended purpose. By embracing digital-first strategies and personalized solutions, legacy FIs can break free from legacy systems or decades-old procedures.

The possibilities mentioned above can be tapped through digitalization, which promises, among other benefits, increased convenience, enhanced client experiences, lower overhead, and a quicker time-to-market.

About Maveric

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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