White Boarding a 21st Century Transaction Bank
Insights from Infosys Finacle - Goldman Sachs Conversation
If you had 20 months to build a transaction banking offering and a team of 400 and were not resource constrained, what would you, could you do?
I listened to Infosys Finacle’s virtual Sibos event, Goldman Sachs Transaction Banking – Helping Corporates Build a Treasury of the Future, to hear Hari Moorthy’s answer. Hari is the Global Head of Transaction Banking at Goldman.
He underscored several components of Goldman’s offering. These components have been covered in the Celent report, Top Trends in Corporate Banking 2019–2020: Tipping the Scales in Banks' Favor (webinar). This report categorized trends by their competitive impact: incremental, step changing, and game changing.
Figure: Goldman Sach’s Focus Aligns with Celent’s Target Trends
To learn more about:
- Digital onboarding - see Celent report, Digital Customer Onboarding Vendor Spectrum: Corporate Banking Edition
- AI - AI in the UI: Adoption, Use Cases, and Business Cases and AI in the UI: Pacesetters in Corporate Banking
- Digital channel trends - Playing the Long Game to Enhance Client Engagement: 2020 Corporate Digital Channels Survey Results
Hari emphasized the importance of listening to the voice of the customer and applying human-centered design (aka design thinking). He and his team interviewed around 200 treasury team members at corporations around the world. Their goal was to understand the pressing problems treasurers face and then determine how they can solve these problems and differentiate their offering. They spent hours with “end-users” to identify personas and develop smooth user journeys. To learn more about human-centered design and best practices, Celent report, Pacesetters in Customer Engagement: Top Trends and Best Practice Players.
Hari pointed to several critical technologies that underpin Goldman’s offering:
With a cloud and API-first offering with digital onboarding, Goldman can readily launch worldwide. Its kick-off launch was the US in June (it battletested its offering by moving ~$500B of its own operational flows to the platform yearend 2019). Over the next 12 to 18 months, Hari said that they will launch in the UK and Europe. He also expects to leverage their platform to serve the B2B2B market.