SWIFT and the Boston Consulting Group issue a new report at the SWIFT India and South Asia Regional Conference 2019 in Mumbai
The report takes stock of the current state of play in Corporate Banking in India and highlights findings on the benefits of digital integration.
Corporate banks operate in a challenging and turbulent environment, as they face growing corporate NPAs, shrinking lending margins, bans on LoUs and MoUs, increasing instances of cyberattacks and fraud, digitally disruptive Fintechs and tech-savvy customers. In this context, the report findings highlight that, in order to stay relevant and thrive, corporate banks need to:
- Develop productised solutions for clients across priority sectors to diversify their portfolio, combat sector volatility and boost their fee income;
- Achieve operational excellence by digitising their front-end channels and their back-office processes;
- Leverage big data and advanced analytics to transform their topline through mix of pricing, selling and retention algorithms.
The report also highlights how Indian financial institutions are already making rapid strides towards streamlining trade financing and cross-border payments through digital and presents a number of solutions to help corporate banks consistently develop their products & services and stay ahead of the curve.
Kiran Shetty, CEO & Regional Head, India & South Asia, SWIFT said, “SWIFT India Domestic Services Private Limited, a joint venture formed with the banking community brings world class SWIFT technology and tools to the Indian financial community, in the areas of trade, treasury, securities and cash management. We are excited to help the community leverage our capabilities to accelerate digitisation and standardisation across all aspects of their operations.”