Corporate Client Data Renaissance: New Tricks for an Old Dog

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21 February 2023


A recent companion report, Unlocking Treasury Insights: Road Map to Intelligent Solutions (January 2023), outlined the cash management and liquidity priorities of corporate treasuries, and the need for banks to provide solutions that provide clients with more sophisticated insights and recommendations about their business. The value and importance of transaction data was highlighted, as was the potential to leverage the existing suite of information reporting (IR) capabilities—specifically data—in corporate banking.

The value of information reporting and its associated data to treasury clients has never been in doubt, but it is often viewed by banks as being one of the staidest of transaction banking products. However, based on our research and analysis of market trends, Celent believes that information reporting data will see a transforming renaissance in its value to corporate banking clients. This will not be through tweaks to reporting application functionality, or more APIs, but through a recognition that the underlying data components of IR are the main building blocks to a more advisory treasury relationship. We have chosen the building block/foundation terminology carefully because the core components of IR are essential to build out any intelligent treasury capabilities.

How does a data asset so valuable for basic reporting become the cornerstone of next generation working capital solutions? Leading banks are elevating basic information reporting (and the underlying data) to be critical components of next generation solutions for treasury insights and recommendations. The basic components of the IR product set (rich structured data, omni/multi-channel access to information and reports, including by API frameworks) are in fact the building blocks of the next generation of intelligent products and services. Whether built as bespoke systems or vendor platforms, these building blocks should be strengthened and hardened to support ambitious product road maps for AI and machine-generated client insights at scale. Celent breaks the elements of a data renaissance into the following:

  • Identifying the technical building blocks
  • Strengthening the data supply chain
  • Leveraging major industry initiatives and internal transformation programs
  • Understanding the role of banking platform and data/AI vendors

As banks and vendors rethink their product data requirements and architecture, they have an opportunity to leverage major initiatives such as ISO 20022 to improve data quality, richness and availablity - all of which contribute to better AI. Banks that invest in a client data renaissance should be rewarded with deeper client relationships and monetizable data solutions.