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The Quest to Become a Transaction-Banking Champion by Treasurers
Have you seen this article published by bcg.perspectives? The focus in on how banks need to adapt their strategy in a few ways to successfully deliver solutions that treasurers within your commercial client set need.
- The expectations of the treasurer – this group expects banks to attract and retain talent that will support their needs and objectives. This may be related to specific areas including product development and delivery, client success and ability to compete.
- Competing effectively with other banks – focusing on the client and what they need is key. Being able to respond with advanced technology solutions is really what treasures are looking to their bank to provide. Competing with technology, keeping up with the competitive set and thinking of differentiating tactics to solve business problems are going to be key.
- Development based on the client – having a true understanding of your commercial footprint and their specific needs is going to set you apart and make you a true champion for your treasury audience. Performing segmentation to group customers together and finding commonalities when it comes to the obstacles within their organization and then responding with solutions is going to be vital.
To sum it up, your audience expects more and you need to deliver on those expectations or your bank may be left in the dust. Take a look at this chart which depicts what treasures are looking to their bank to deliver on and then look at your own bank and identify if and where there is a disconnect:
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