Digitalization is one of the most important challenges for corporate Electronic Banking today.
Companies are facing a lack of resources, demands to increase the security of their workflows and responsibilities, constantly growing regulatory requirements as well as the need to prioritize sustainability. All these factors are forcing all stakeholders to raise corporate banking processes to a new technological level.
To look specifically at bank account administration, we realize that for many people involved the business processes have not changed in 25 years: Excel documentation, paper cover letters and forms, signature folders, wet-ink signatures remain in widespread. Alongside this, the delays caused by postal delivery and long transit times are the most frequently mentioned "pain point" in Electronic Banking - and at the same time make it an ideal candidate for digitalization.
Several years ago, corporates and banks recognized this and decided to address this topic. Together with selected solution providers, they started a collaboration aimed at electrifying, standardizing, and automating account management and thus establishing it as a multi-banking process.
Are we still in the starting blocks, already on the track or possibly already close to the finish?
At the invitation of Omikron, more than 60 representatives of banks and corporates from the DACH region met at an EBAM forum to answer these and other questions.
Particularly interesting for the participants were the business cases presented how EBAM is used in corporates and banks today. This resulted in a lively discussion, resulting in the following overall conclusions:
- Leading transaction banks are piloting EBAM or are already close to international roll-out and are asking other market players to follow them
- More and more corporates are making the banks' EBAM offering a must-have when choosing a bank
- EBAM and KYC processes are directly linked and, if the right solution is implemented, can be digitized as a complete package
As a pioneer in Electronic Bank Account Management, Omikron will continue to actively follow these developments and is committed to constantly develop its innovative EBAM solutions in close cooperation with the corporates and banks focussing on this topic.