Page 10 - TOP TRENDS IN BANKING 2021

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Top Trends in Commercial

Banking 2021

The global health crisis was a catalyst that has prompted banks to prioritize digital
transformation, build digital capabilities, and shift towards a more intelligent, collaborative
and experiential model, while remaining customer centric.

Bank integration within clients’ ERP, treasury management, and accounting systems will be
critical to automate and streamline finance and treasury processes. Uncertain credit risk
evaluations of corporate clients within current COVID-19 conditions have also driven banks to
shift quickly to cognitive technologies to strengthen credit risk management.
As a new wave of tech companies specialize in SME needs, commercial banks are rethinking
their existing business models through product innovation to capture the SME segment. They
also look to transform the customer experience by leveraging technology with an
unprecedented focus on digital offerings. As brick-and-mortar branches remain largely closed
during the pandemic, commercial banks are also compelled to identify new customer
engagement methods and adopt digital tools.

COVID-19 made it evident that collaboration with ecosystem players was crucial. The
pandemic encouraged commercial banks to invest in FinTech-powered business lending
platforms to meet growing customer demands. Partnering with FinTechs will also help them
provide a comprehensive suite of value-added banking and non-banking services that increase
SMEs engagement across the value chain. Leveraging collaboration, banks are transforming
their businesses from a product-led, siloed model to an experiential and agile plan.

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