Digital business and IT services leader NTT DATA recently announced new global research into corporate banking, which has highlighted that increasing corporate demand for an omnichannel banking experience continues to grow, and so it is vital to rationalise the new and emerging technologies used to create that experience in order to keep banking inclusive. The report reveals that over 40 per cent of banks in the UK have already rationalised their portals whilst nearly 5 per cent have multiple portals but are not attempting to rationalise them. In contrast, Spain is leading in this area, with over half (54 per cent) of banks in Spain having rationalised their portals to meet customer demand.

The report, Corporate Banking Outlook 2023: Europe, surveyed both banking and enterprise respondents from across the globe and examined the state of corporate banking today. Specifically, it sought to evaluate corporate demand, evaluating how the market is being shaped by the demands of corporate banking clients.

Globally, 35 per cent of banks stated that they had rationalised their portals whilst 60 per cent were in the process of doing so, demonstrating an overall trend toward rationalising the banking experience. Evaluating the top reasons banks are choosing to rationalise their portals, the report also found:

• 55 per cent of banks were seeking to improve customer experience
• Just over 50 per cent to improve client service
• Over 50 per cent to demonstrate product offerings
• Over 50 per cent looking to reduce their IT costs
• 47 per cent were seeking savings on IT software and licensing expenses
• Around 45 per cent were targeting savings on IT maintenance costs
• Just over 40 per cent were looking to increase cross-sell and upsell across product lines

Rationalisation is an area of investment that is a win-win for banks and their corporate clients. It is clear that other geographies will be heavily investing in the coming years to catch up with the progress that has already been achieved in Spain.

Andy Nelson, Head of Banking and Financial Markets at NTT DATA UK&I, commented on the latest insights from the report: “As corporate banking continues to be led by client demand, the need for simple and easy-to-use platforms is vital. Whilst innovation and new technologies are certainly exciting, we must also ensure that all banking customers are able to access the services they need. This is why rationalisation is such a strong area of investment for banks across the world today, particularly those in Spain. I hope to see other countries following suit and making rationalisation a top priority, with a view to catching up to Spanish banks in the coming years.”