Banks could also be looking to grow revenue by leveraging technology to better understand consumer spending habits, preferences, and product demand. Striving for real-time processing, tracking, and decision-making will untether banks from legacy systems, creating a world of greater efficiency and success.
These opportunities extend to corporate and institutional clients. Brian Shniderman, principal, Deloitte Consulting LLP, stated, “The market for corporate customers is particularly rich with significant opportunity to use technology including corporate mobile solutions to create more value, reduce risk, and drive more revenue.” Using technology as the key enabler, banks can develop solutions that allow corporate customers to consolidate payments, track and process foreign taxes more efficiently, and better manage travel and expense budgets.