Corporate banks are facing a number of challenges in relation to how they manage transaction banking. Leigh Pepper, Chief Product Officer at 10x Banking, highlights 3 key challenges in the video interview below.
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Transcript from the video:
"Firstly, it amazes me that even in 2022, the number of banks that are still operating on batch-based systems, that means that overnight they're processing huge amounts of information. That means they have to keep lots of redundant service capability to one side, which is really costly.
Secondly, that data that they're processing is typically kept in silos. So different parts of the bank will have different data silos and getting that data extracted, joined together and insightful is really really difficult. So they're not really able to provide insights for their clients, they're not really able to provide a real understanding of the solutions that their clients need because they just cannot access that data.
And thirdly, what that means is they can't provide the right liquidity management solutions that help to add value to their clients."