Multibanking – a must-have for corporate customers

Contovista AG, a strategic partner of CREALOGIX, empowers banks with its Business Finance Manager (BFM) to provide corporate customers with a holistic overview of all accounts and therefore effortless liquidity management. Lior Leibovich, Senior Product Manager at Contovista, explains how business customers benefit from BFM and what competitive advantages the solution brings to financial institutions.

When banks evaluate their customer journeys and design them to reflect the digital preferences of their customers, one thing should be obvious. On the one hand, the financial professionals at an SME sit on the sofa in the evening and browse on their laptops and smartphones; they are digital-savvy and consequently expect robust online banking with an attractive interface. On the other hand, retail and corporate banking are two completely different things. For this reason, it is important that banks offer online banking with a customer experience that is impressive in every aspect, especially as they seek to retain the business of corporate customers.

Banking Cockpit improves customer experience in the workplace
By using a white label solution that is seamlessly integrated into an online banking environment, banks can take their corporate customer offerings to a new level with minimal effort. Contovista BFM enables corporate customers to keep cash flows and liquidity under control, so that they can focus on their core business activities. Enriched data and relevant insights, generated by machine-learning algorithms, help business clients to mask the ‘noise’ and focus on the important information, while banks benefit from increased customer loyalty that then follows as a result.

To obtain a comprehensive overview, it is essential to be able to view all banking data on one screen. For this reason, BFM includes a multibanking module that allows companies to manage their liquidity across different banks. Via a single login, users can transfer funds from accounts held at different banks and monitor payments accordingly. The EBICS protocol, which is the standard used in Switzerland, Germany and France, guarantees transfer of funds in a fast and secure way.

The higher the competitive pressure, the greater the importance of customer relations
Through offering a Banking Cockpit to their customers, financial institutions can guarantee direct contact with their corporate customers. Analysts from Strategy&, the strategy consultancy subsidiary of PwC, point out the following about the German market: “While foreign institutions mainly target the classic corporate client business made up of companies with a turnover of € 250 million or more, Fintech and Big-Tech providers address the lower end of the client spectrum and supplement the product mix on the market with new product offerings.” In a stagnating market where there are high competitive pressures, banks need to pull out all the stops expand or even just maintain their market share.

Using a modular platform, a bank’s IT team can quickly integrate a multibanking solution into online banking. Consequently, by providing a multibanking offering, institutions are improving their profile as corporate banking partners with a clear focus on customer experience and personalisation. Finally, according to Strategy&, “relationship banks” in particular are called upon to provide consulting services: “A corporate client-advisor must be able to address client needs in a forward-looking manner and establish a honed and relevant dialogue. The more complex the needs in the various segments, the more the relationship manager should become a perceptive, strategic advisor.” Multibanking creates the ideal conditions to achieve this goal by providing a holistic view of customers and their financial situation.

Valiant further expands digital banking experience with multibanking
At the end of last year, Valiant Bank, one of the banking pioneers in Switzerland, together with CREALOGIX, Swisscom and Contovista, implemented multibanking for its corporate customers. The financial services provider introduced Contovista BFM, with the new module based on the open banking product CREALOGIX Multibanking. With this simple and intuitive solution for efficient and comprehensive cash and liquidity management, the SME bank is reinforcing its position in the market.

In the next article, find out why co-operations like this one pave the way for the Swiss financial industry and strengthen the local market!