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  5. Playing the Long Game to Enhance Client Engagement: 2020 Corporate Digital Channels Survey Results

Playing the Long Game to Enhance Client Engagement: 2020 Corporate Digital Channels Survey Results

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11 August 2020
Patricia Hines

Abstract

Celent launched its inaugural Corporate Banking Digital Channels Survey in June 2020 with much of the world still grappling with the personal and economic impacts of the COVID-19 pandemic. Celent reached out to senior corporate banking executives around the globe to benchmark the state of corporate digital channels solutions, uncovering the key drivers of strategy, the latest investment trends, the importance of emerging technologies, and the role of partners.

Celent's detailed analysis of the survey results uncovered a number of critical insights. Below is a preview of just a few of those findings:

83%

 Enhancing the client experience is a clear priority when prioritizing channel investments, with 83% of banks ranking it as a top 2 strategy driver.

41%

 The tech arms race continues with a substantial minority of banks increasing investment (41%) and accelerating projects (29%).

67%

 The largest banks, >$500 BN in assets, mostly offer a single web portal to access all online services, an important competitive differentiator, and one that most banks should aspire to duplicate.

65%

 Banks continue to heavily lean on third-party providers, an average of 65% of the time, for enhancements ranging from chatbots to biometric authentication to open API client connectivity.

Based on Celent’s digital corporate channels survey results, along with years of corporate banking technology research, we recommend that banks consider three essential tactics to optimize future channel investments.

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