Changing Times – Addressing the Dearth of Corporate Banking Apps

Ever since smartphones made a foray into the market the ‘appification’ of businesses has been a part of every one’s business strategy. Shortly, everyone joined the app bandwagon to a point where it’s safe to say – ‘Appify or Perish’.

The financial industry has always been early adopters of new technology simply because good technology + finance = more money for everyone. We all know the phrase – ‘Customer is King’ and the fact that customers of consumer banking services were the first to enjoy the advantages of appification is proof of this. Today, every single bank is in the process (extremely late adopters!) or has (the first mobile banking service surfaced as early as 19991) already developed a consumer mobile banking app to emulate their legacy services on a handheld device. However, corporate mobile banking apps never enjoyed the same kind of treatment.

One might ask…aren’t corporates, consumers in the corporate banking scenario? Yes, they are. Then why are corporate customers still scurrying around for workstations to access banking services? Isn’t the demand for corporate banking apps and its inherent benefits self-explanatory? If one were to only consider the numbers involved, the sheer value of transactions in corporate banking far overshadows consumer banking. So then, why must you as a corporate customer stick to a computer when as a consumer banking service customer you have the best banking features on your mobile device?

The reasons for this disparity are multi-fold. Corporate banking is data intensive and requires back end integration at multiple points. Also a lot of transactions require two stage approvals that would require two parties to be available simultaneously, which was problematic at times. However, recent studies have shown that nowadays for the most of 24 hours in a day, a person has their mobile phone within an arm’s reach. Furthermore recent advancements in technology have made way for data to be secured incredibly well.

Mobility equates to speed and flexibility. Corporate banking is centred around roles and workflows; not on devices per se. Also in the case of a tablet, the sheer real estate of the device makes it possible to view numerous data at the same time, making it easy for end users to see comprehensive account statements or similar data in a single view. With all these requirements in mind and leveraging on our decades of experience in building banking solutions, we at i-exceed have developed a corporate banking app that meets and exceeds your expectations as a corporate banker.

With biometric authentication, setting up profiles and managing workflows is as easy as baking an apple pie. This combined with our automatic integration with backend services brings an end to everything corporate bankers have irked about so far – data security!

Our UX team has done a great job in creating engaging screens that are functional as well as appealing. (The Appzillon magic lies in its ability to automatically generate screens from enterprise services. Of course, we can easily customise it for you to cater to your specific styling requirements.)

The proof of a good UI is how well it improves your productivity. With snapshot views of different relationships, making decisions are a lot easier and a lot less stressful. (Remember the time when you’re flipping between tabs, looking at different numbers, writing them down manually, pulling out the calculator, checking your numbers again, and all that confusion? None of that is needed any more!) We’ve also gone a step ahead and made the cheque submission process simpler. Simply click a picture of the cheque and use the app to send it to the bank.

Apart from all these, you get the standard offerings – liquidity management, trade finance, credit facilities, payments support, transfers (intra-bank, inter-bank, and cross border), request for services, origination of requests, social media integration, actionable notifications, and much more.

As part of our initiative to provide the ultimate banking experience on your mobile device, we are constantly adding new features to our platform. If you think there is a feature you’d like to see, write to us. Our experts would be more than happy to address your queries.

In our next post, we will discuss our RM Plus App. An app designed to take relationship banking to the next level.