Tech Talent Needed
As transactions become more complex, transaction banks need to deal with new technologies such as blockchain and distributive ledgers. Banks also need new specialized talent in areas such as data science, cybersecurity, and supply chain finance.
At the same time, financial technology companies or fintechs are snapping at the heels of traditional transaction bankers, with agile and relevant solutions that respond to current needs.
To keep up, some banks have started recruiting talent from leading technology firms like Google. This allows greater tech adoption in digitizing supply chain finance, and achieving completely paperless processes integrated with the cash management platform.
Corporate clients increasingly want a BYOD (Bring Your Own Device) approach with remote access and payment tracking and transaction banks need to support that.
Technology-driven solutions for mid-corporate and SME customers can also help banks service this growing segment more effectively with working capital and investment management portals, integrated cash management and a down-market version of enterprise resource planning integration.
With its stable returns in a volatile economy, transaction banking is truly a rising star in the banking industry.
However, with globalization changing international trade patterns and technology evolving at breakneck speed, transaction bankers need to ensure that they have the right technology partners to support their growth.