After much anticipation, Goldman Sachs has entered the transaction banking arena – firing on all cylinders. Taking a digital-first approach to its cash management platform, the bank looks set to change the playing field for corporate treasurers. Eduardo Vergara, Global Head, Product and Sales for Transaction Banking and Chad Wallace, Global Head of Digital Product & Design for Transaction Banking share the inside track on what treasurers can expect from the bank, including intelligent digital design that also delivers on practicality.
Eleanor Hill, Editor, TMI (EH): First things first, why did Goldman Sachs decide to shake things up in the transaction banking world?
Eduardo Vergara (EV): We had in-depth conversations with circa 100 clients before entering this space. The feedback was loud and clear: current products and offerings were not meeting their needs. One of the major pain points for treasurers was the fact that industry providers had built their platforms in a bygone era, and many are still using legacy technology.
As such, we saw an opportunity to do something very different – unhindered by legacy. We wanted to bring the digital corporate user experience into line with that of the modern consumer, offering ease and simplicity, together with the expertise and excellence that clients already expect from the Goldman Sachs name.
EH: How did you go about building this digital corporate user experience?
Chad Wallace (CW): This is where my interest in the user interface and experience of all of our customer-facing channels comes into play. As Eduardo mentioned, we conducted significant research among treasury clients to help fully understand, and address, their current wants and future needs.