What happens when the world as we know it changes entirely? As we’ve seen throughout 2020, and as we begin to envision a post-pandemic landscape, the need for financial institutions to adapt to customer needs is crucial now more than ever. But how and where does one start? How can financial institutions be leaders in helping larger organizations reimagine a new normal?
Larger Organizations are Slower to Adapt
A global survey by Harvard Business Review indicates that executives at larger organizations expect the pressure to digitally transform will only accelerate and intensify. In the same survey, they also expressed concern on their organization’s inability to change fast enough to survive and thrive in an increasingly digital world. Although they may possess the financial resources required to drive significant change, larger organizations are often slower to adjust when it comes to adopting new technology, payments and customer interaction methods.
Think about the organizations you interact with in your day-to-day – your local municipality, healthcare providers, the property management company overseeing your condo strata – look within these organizations and you will see the predominance of manual reconciliations, cash and checks as primary forms of payment, and different systems used for different purposes, rather than one dominant, convenient digital platform.
At Central 1, we identified these challenges three years ago in speaking with our partners, collaborators and financial institutions across Canada. Everyone agreed – the next digital experience had to be about saving time, saving money and providing peace of mind in an interactive user journey. That’s why we have created the Forge Digital Banking Suite, comprised of Forge Small Business and Forge Business, which will meet customer needs today and into the future. Forge Business is highly equipped to enable medium and large organizations to adapt and thrive as our world becomes increasingly digital.
Forge Business Will Accelerate Digital Transformation
With 46% of leaders identifying digital transformation as their top priority, financial institutions have their eye firmly on digital adoption and driving this for their business members and customers. There has never been a deeper need for this than in the presence of a pandemic, which has seen reduced branch traffic, and the need for business operations to continue securely and normally through not-so-normal conditions.
An engaging digital banking experience is paramount to meeting increased expectations, and the Forge Business offers this in a seamless and refined format for heightened convenience and productivity. How your customers access this information is entirely new – gone are the days of seeing electronic Excel sheets with balances, as this has been thoughtfully replaced by intuitive dashboards with key insights based on what the businesses truly needs to focus on. A CFO can focus on aggregated balances and cash management, while administrators can focus on assigning users with limits and permissions across certain business accounts, as the Payment Operations team can focus on their workload and what they need to do to send, receive and reconcile payments – all contained within a simple intuitive digital experience that doesn’t require a bulky manual to maneuver.
Other offered enhancements which larger organizations need and expect include:
- the ability to send and receive E-transfers with higher limits
- the ability to see live FX rates, and send funds internationally
- the ability to directly manage the volatility of financial markets, just to name a few
We are so excited to debut this and provide an exceptional opportunity for your business members and customers to adapt and thrive through evolving user expectations and accelerate towards the digital banking experience that will enable them to thrive and grow with you.
We are Here for You
As market needs and customer expectations shift quickly through unanticipated circumstances like global pandemics, we are reminded of the importance of remaining nimble, innovative and open to change. Designed with this in mind, Forge Business is shaped to be as flexible, scalable and customizable as possible to ensure that with any changes in the future, our clients and your customers are consistently on the cusp of ongoing innovation. To learn more about the Forge Business Banking suite, please connect with your Relationship Manager or connect with us directly if this is your first time chatting with us.