Corporate and transaction banks are accelerating the pace of their digitization—finally catching up with their peers in other banking sectors. Last year, only 60% had an enterprise digital strategy in place. This year, 97% percent have one, although only 17% are producing results at this point, as these strategies mature.
Key findings from our conversations with corporate and transaction banking executives in 2021 follow, or download the PDF.
Top corporate and transaction banking trends and priorities
- Top trends
1. Mounting and changing regulations and security standards
2. Driving down costs to adapt to new banking economics
3. Technology advances and the adoption of technology
- Top business priorities
1. Driving a customer-centric operating model
2. Optimizing operations to reduce costs
3. Innovating products and services aligned with customers, the business and regulations
- Top IT priorities
1. Digitizing and automating business processes to deliver a better customer experience
2. Protecting through cybersecurity
3. Addressing the payments landscape
have an enterprise-wide digital strategy in place, up from 60% in 2020
plan to modernize more than 20% of applications in the next two years
say their IT supply chain cannot respond quickly to business needs
Executives who are producing results from their digital strategies share several common attributes that distinguish them from others who are in the earlier phases of building or launching their digital journeys. The most significant attribute is their ability to align their business and IT priorities. This year, 86% indicate close alignment of their priorities, compared to only 52% of those in the building or launching phases.
Further, among those producing expected results, 83% are more sensitive to data privacy laws and regulations, compared to 74% of those in the building or launching phases
Learn more about the attributes of digital leaders.