Survey Highlights Accelerating Demand for Integrated Financial Supply Chain Services and Further Consolidation of Transaction Banking Businesses
Poster: SySAdmin
Posted on October 28, 2012 at 8:28:01 PM
Survey Highlights Accelerating Demand for Integrated Financial Supply Chain Services and Further Consolidation of Transaction Banking Businesses
LONDON, October 29, 2012 /PRNewswire/ --
Customer focus remains critical with corporate treasurers demanding more
services via the mobile and online channels
Misys has announced the results of its annual survey of trends in transaction banking.
The responses from 105 professionals in the trade finance, payments and cash management
industry located in 40 countries highlighted the stronger strategic focus on customer
service and channel and product innovation. It also provided evidence of the
ever-increasing number of banks which have integrated their transaction banking
businesses.
The Global Transaction Banking Survey 2012, undertaken by Misys and Finextra, showed
that the days of having separate business units responsible for cash management, payments
and trade finance are well and truly over. 90 per cent of banks have created a single
transaction banking group or plan to in the near future. While many are still challenged
by complexity in their IT environments, this shows a consistent strategy across the
industry of becoming much more aligned with corporate customers' needs.
Mobile channel development is a growing trend, with 45 per cent of banks ranking this
a priority in the coming year, while 63 per cent stated that expanding self-service
channels such as mobile would be part of their strategy over the next three years.
"The majority of people perform their personal banking online and increasingly via
mobile devices," states Tim Tyler, Global Product Manager, Misys. "This is becoming the
norm for consumers. Corporate treasurers and transaction banking professionals now expect
all their services from banks to be available to them via the same channels as their
personal banking services."
Financial supply chain solutions are more widespread and mature in the market, with 88
per cent of respondents saying their bank has, or will soon offer, financial supply chain
services for corporates. But there is still work to be done, with most of these banks
expressing dissatisfaction with the sophistication and packaging of their current
solutions.
As open account trade continues to rise in most markets, there is increasing interest
in the new Business Payment Obligation (BPO) instrument to achieve better standardisation
and reduce risk. At the same time, more than half of banks are demanding simpler ways to
manage regular updates to existing standards. Both of these results are good news for
SWIFT, given its current involvement with the International Chamber of Commerce (ICC) to
develop the BPO, and its work with member banks and corporates on the MyStandards
platform.
A copy of the full report on the results of The Global Transaction Banking Survey 2012
can be found here
[http://www.finextra.com/surveys/survey.aspx?surveyguid1bc3ab-e03e-4a34-8009-2662a593668d ]
.
About Misys
Misys is at the forefront of the financial software industry, providing the broadest
portfolio of banking, treasury, trading and risk solutions available on the market. With
1,800 customers in 120 countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a global and local level.
Misys was formed by the merger of Misys with Turaz, which includes the award-winning
Kondor+ product line. Combined they are able to address all customer requirements across
both the banking and trading book businesses. Misys is the trusted partner that financial
services organisations turn to for help solving their most complex problems.
Find out more at http://www.misys.com
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
+44-(0)20-3320-5530
edward.taylor@misys.com
Misys
LONDON, October 29, 2012 /PRNewswire/ --
Customer focus remains critical with corporate treasurers demanding more
services via the mobile and online channels
Misys has announced the results of its annual survey of trends in transaction banking.
The responses from 105 professionals in the trade finance, payments and cash management
industry located in 40 countries highlighted the stronger strategic focus on customer
service and channel and product innovation. It also provided evidence of the
ever-increasing number of banks which have integrated their transaction banking
businesses.
The Global Transaction Banking Survey 2012, undertaken by Misys and Finextra, showed
that the days of having separate business units responsible for cash management, payments
and trade finance are well and truly over. 90 per cent of banks have created a single
transaction banking group or plan to in the near future. While many are still challenged
by complexity in their IT environments, this shows a consistent strategy across the
industry of becoming much more aligned with corporate customers' needs.
Mobile channel development is a growing trend, with 45 per cent of banks ranking this
a priority in the coming year, while 63 per cent stated that expanding self-service
channels such as mobile would be part of their strategy over the next three years.
"The majority of people perform their personal banking online and increasingly via
mobile devices," states Tim Tyler, Global Product Manager, Misys. "This is becoming the
norm for consumers. Corporate treasurers and transaction banking professionals now expect
all their services from banks to be available to them via the same channels as their
personal banking services."
Financial supply chain solutions are more widespread and mature in the market, with 88
per cent of respondents saying their bank has, or will soon offer, financial supply chain
services for corporates. But there is still work to be done, with most of these banks
expressing dissatisfaction with the sophistication and packaging of their current
solutions.
As open account trade continues to rise in most markets, there is increasing interest
in the new Business Payment Obligation (BPO) instrument to achieve better standardisation
and reduce risk. At the same time, more than half of banks are demanding simpler ways to
manage regular updates to existing standards. Both of these results are good news for
SWIFT, given its current involvement with the International Chamber of Commerce (ICC) to
develop the BPO, and its work with member banks and corporates on the MyStandards
platform.
A copy of the full report on the results of The Global Transaction Banking Survey 2012
can be found here
[http://www.finextra.com/surveys/survey.aspx?surveyguid1bc3ab-e03e-4a34-8009-2662a593668d ]
.
About Misys
Misys is at the forefront of the financial software industry, providing the broadest
portfolio of banking, treasury, trading and risk solutions available on the market. With
1,800 customers in 120 countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a global and local level.
Misys was formed by the merger of Misys with Turaz, which includes the award-winning
Kondor+ product line. Combined they are able to address all customer requirements across
both the banking and trading book businesses. Misys is the trusted partner that financial
services organisations turn to for help solving their most complex problems.
Find out more at http://www.misys.com
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
+44-(0)20-3320-5530
edward.taylor@misys.com
Misys