Why off-the-shelf online banking is not enough for businesses

The sector is constantly evolving and bringing new solutions to the market. Why this diversity is so important for companies and why 'the one app that can do everything' might be too short-sighted are questions we investigated with experts from product development, cash management and trade finance.

Which banking solution is right for my company? Depending on size, industry or business model, the answer can vary widely. In cash management alone, almost anything is possible from web-based dashboard tools to host-to-host direct connections.

Beyond that, there are tools and services for every need imaginable: Securities trading, financing, cross-border treasury, handling KYC processes, guarantee business, market research, ... The list goes on, but not every company needs every service.

To make the most of this product diversity, transparent high-quality advisory is essential. Since the requirements are so varied and complex, B2B experts view digital banking less like a single multitool, but more like a professional toolkit: The right instrument for every task.

Ideally, corporate customers are already involved in the product development. "Based on extensive research, customer feedback and input from relationship managers, we put together a solution suite that meets customer needs in the most relevant areas," explains Herbert Auinger, responsible for Group Corporate Digital Transformation at RBI.

Customers can often directly participate in the innovation process during the pilot phase, for instance via 'friends and family testing'. The insights gained from this help the bank to develop digital solutions that truly make things easier: Reducing 'time to execution', streamlining or automating processes, all while staying transparent and user-friendly.

In payment services – the heart of digital banking –, tailor-made solutions are particularly important. "In cash management, we have various ways for customers to digitally communicate with us," explains Susanne Prager, Head of RBI Cash Management, "There is web-based online banking, while some customers also use software solutions or direct connections such as SWIFT or EBICS. Our newest channel is selected premium APIs."

Customers can individually agree which of these communication channels are right for them. "Many customers use not only one of the above solutions, but a combination, for example as fallback or for authorization reasons. We offer all required variations here."

For multinational corporations, the local banking network also plays an important role: Can I centrally manage my group-wide treasury? "We pay special attention to the 'group approach' in RBI," says Herbert Auinger, "for example with digital Group Account Opening. We plan to further expand these features in the near future."

We asked our experts which innovations will continue to make this sector exciting in the future. In addition to APIs and real-time payments, single sign-on will be a key topic: Business banking is complex and requires specific solutions that can never be adequately covered by one single application alone – making quick and secure access all the more important.

Trade finance is also an innovation-driven segment: "Currently, we offer our customers our in-house developed solution eTradeOn or multibank solutions developed by fintechs for their guarantee business with us," says Martina Zimmerl, Head of RBI Trade Finance.

The development focuses especially on transparency and automation: "Artificial intelligence will make risks and opportunities in the supply chain more visible, especially regarding money laundering and ESG. Users in the future also expect automated document checks, instant guarantees and further development of multibank solutions focusing on standard APIs in order to make processing even faster and more efficient."

So what will digital business banking look like in ten years? If you believe our experts, solutions will be even more optimized to meet to customer needs. As anonymous and remote as digital banking may seem: Behind every product innovation there are people who put one thing at the center of all their actions: Their customer.