Global offerings, business-driven technology deployments, and collaboration are essential to surviving in today's fiercely competitive cash management space. A bank's online cash management capabilities are now a key factor in determining why one bank is selected over another.
A new report from Aite Group, LLC explores the top trends that are currently shaping the U.S. cash management space and the strategies that are being implemented by the largest global players, down to the smallest community banks.
The report, Top Trends in U.S. Corporate Cash Management: Strategies for a New Environment, analyzes how a greater focus on cash management and a subsequent increase in competition has driven banks to adopt new strategies over the last two years. As their business customers have become more global, cash management banks (beyond just the largest ones) have been forced to begin to think outside of their geographic borders and enhance their international capabilities. Business-driven technology deployments are now playing a key role in their overall strategies as both a differentiator and a source of new revenue streams. Banks are also increasingly finding that collaboration between banks is essential to surviving in today's market. These efforts will enable them to remain competitive, to maintain and win new customers, and to grow revenues.
"U.S. cash management banks are beginning to capitalize on many of the new strategies they have put in place over the last couple of years," says Christine Barry, research director at Aite Group and author of this report. "Technologies have evolved, and banks have slowly adapted to today's new environment. Traditional cash management, as we once knew it, is now a thing of the past."