The True Competitive Solution Isn’t a Single Platform

Your business customers are becoming more sophisticated technology consumers, and they expect you to lead the way  — those expectations are driving what they wish to see in  their relationships with banks. Businesses (from SMBs to  the largest corporates) now demand an integrated solution  with consolidated reporting to seamlessly manage their  banking, payments and cash management activities. They  expect fast, simple, and personalized digital experiences in  all their interactions, including the banks they choose to do business with.

The advanced offerings that provide this level of value for the customer or the additional revenue streams for the bank are rarely found in a “one platform” system.

The bottom line is simple: Banks must provide best-in-class products and services in all areas or risk losing customers to a competitor that will.

“Commercial banking is it’s own, “megajourney” and should not be combined with other customers journeys that possess value for different needs.”

– Boston Consulting Group, 2023

While a single platform solution may be less expensive upfront, total cost of ownership is very often higher due to the added cost of losing unhappy business customers when their more complex commercial banking needs are not met. The winners will be those that understand customer journeys must relate to customers’ highly specific needs and will provide leading solutions to support them.