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Peeking Out From Under The Hood - Next Generation Online Cash Management

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2009/09/18
Jacob Jegher
It's been about a year now since I wrote the report, Web 2.0: A Quantum Leap for Wholesale Banking. I predicted it would take a good 12-18 months before we would begin to see cutting-edge corporate online banking sites complete with Web 2.0 elements. Alas, we are starting to see some interesting solutions peek out from under the hood. At SIBOS this week, Citi unveiled CitiDirect BE, its next generation online banking platform. "BE" stands for Banking Evolution, and there are certainly evolutionary components to the new solution - electronic bank account management, the use of a dashboard, a video section, etc. The new solution leverages Microsoft SharePoint. This announcement is material for several reasons:
  • Banks must emphasize innovation. In order to remain competitive and take a leadership position, banks need to work on innovation. It is important to recognize customer requirements, and stay one step ahead of them.
  • Banks need to focus on customer experience. Innovative banks are on a path to improve the overall online customer experience of their core cash management products. Cash management features are mature for the most part. Customer experience and ease of use is where the real challenge lies.
  • Banks must embrace online trends, not shy away from them. The online world moves at lighting speed and banks need to keep up with some of the trends. A great example is the use of media (e.g. video, blogs) to further knowledge and emphasize education.


Further details and some screenshots can be seen in the following video clip with Gary Greenwald (Chief Innovation Officer at Citi). Gary Greenwald's efforts have not gone unnoticed - he was named yesterday to the Bank Systems & Technology Elite 8.

Citi wasn't the only bank to come out with interesting news at SIBOS. Bank of America signed a deal with Fundtech for its Global PayPlus platform. The goal is to create a payments hub that will be part of BofA's next generation cash management solution. It's all about efficiencies, and when everything is said and done, Bank of America will have a single payments processing platform. The payments hub will support payments initiated across all channels. It sounds pretty impressive and I look forward to learning more about this when it goes live (target is second half of 2010). American Banker published a good article that highlights both of these initiatives.

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  • [...] Next generation online cash management solutions are here. Bank of America, Citi, and some of the software vendors showed off some great online cash management solutions. For more info see my recent blog post, Peeking Out From Under The Hood - Next Generation Online Cash Management. [...]

  • [...] Do tablets impact consumer banking, small business banking, or corporate banking? The answer is all of the above. I’m going to focus on small business and corporate banking for the purposes of this post. Bob Meara put together a post recently on consumer banking, http://bankingblog.celent.com/?p=2016. Consumer online banking has not evolved YET to the stage where a dashboard experience is commonplace. This is of course changing as PFM becomes more popular and as software vendors gear up for providing dashboard experiences (e.g. see this announcements from Intuit). The cash management and business banking user experience has suffered greatly (and still continues to suffer at most banks). However, readers of this blog know that there have been several key moves in the industry towards next generation solutions and the evolution of corporate banking portals (e.g. see this blog entry, Peeking Out From Under The Hood - Next Generation Online Cash Management). [...]