photo by Ari Schindler

Innovation and Banking: Co-creatively Moving Forward

Bank

Today everything in business seems to be about catering ease to the customer.  Advancements have opened a whole slew of doors to do just that, and whomever provides the most ease will get the most customers.  Hard to believe that some systems, like banking, are still lagging innovation wise.  To be fair, converting old ways of banking to a safe easy to use graphical interface requires a different sort of technology than social media, calling a taxi, or ordering food.  They can’t just make everything easy access without going through a software vendor that’s going to take into account a lot of factors and security concerns.

In order for a community bank to update their old systems, they usually have to go through a vendor targeted for financial utilities.  Unfortunately the major financial software vendors are coming up with disappointing solutions for smaller banks, as they have been slow at making improvements and slow at interfacing their solutions across all core products.  Community/smaller banks really do need to find a better solution because they won’t want to be left behind.  Even though their customers may be loyal, loyalty can only go so far, especially when it comes to financial optimization. Ideally, these banks need a solution that will cater to them specifically in order to meet customized needs.  Symbio offers a cash management solution that emphasizes a co-creation process that our EVP and Head of Global FSI Practice, Graham Bolton, will be speaking about at the 2014 Cash Management and Payment Innovation Forum in Shanghai, China on October 30/31st.  The new technology will be exciting for banks that want to impress their smaller to medium sized corporate clients, and intrigue new clients to chose them for their future financial banking needs both national and international.

The old way to manage liquidity:

    • CFO’s, treasurers, and their financial teams collect data from multiple sources
    • Get idea of current cash position and then project liquidity requirements
    • The task gets even more complex with legal requirements  and bank covenants

By using OurLiquidity™:

    • Technology does an analysis for you
    • You will be able to move things around on a global scale
    • Notifies you of at the countries rules and regulations

The old way really doesn’t leave much time or provide the tools needed to dynamically optimize financial needs.  Symbio’s unique co-creation process can open the door for new opportunity and growth, without the normal worries associated with blindly trusting a tech vendor.