by Stephan Vandewiele, Head of Global Client Service & Implementation, GTS, RBS
With current developments in technology progressing rapidly, it’s clear that many of the more complex end-to-end processes between large corporate clients and their banking providers – such as those that require manual administration or the exchange of hard-copy documentation – will be carried out electronically in the near future. The prospects for electronic bank account management (eBAM) are excellent – so it’s no surprise that the market is beginning to wake up to the vast potential it can offer.
A multinational organisation is by its nature often a conglomerate that is spread across a series of territories, countries and legal jurisdictions. As a result, its employees may be operating many different electronic systems, with a multitude of banking relationships that encompass hundreds of accounts and a diverse range of processes, none of which may have much in common.
There is great potential in a banking solution that provides a consistent and aligned electronic framework that can be used across a number of corporate relationships.
The company may have expanded through mergers and acquisitions or grown organically but it is often the case in such large organisations that there are process inefficiencies, including the extensive processes required to open accounts from multiple locations worldwide. As a result, there is great potential in a banking solution that provides a consistent and aligned electronic framework that can be used across a number of corporate relationships. In addition, the provision of solutions that cut paper processes out and provide a fully electronic solution allows corporates to cut costs, reduce manual data entry errors, maintain control and simplify their approval management.