Mayank Mishra, Citi’s managing director and global head of online banking and connectivity services, describes balancing global digital solutions with the specific needs of corporate clients.
Global Finance: How can global banks best match their digital offerings to their corporate clients in diverse global locations? Does one size really fit all?
Mayank Mishra: The world has become much more connected and better integrated. Adoption of digital and mobile technologies continues to increase at a rapid pace. And with technology having become a commodity—combined with the emergence of market standards to manage each and every aspect of integration, connectivity and security—reaching our corporate clients has now become easier than ever before. This has led to a series of innovations that have allowed banks to streamline their product portfolios and offer upgraded services via new channels and devices. However, each of our clients uses a unique combination of technology solutions, and some standards have evolved to become true global ones.
GF: Is an integrated suite of innovative and tailored cash management and trade finance services the best way to retain and attract new corporate clients?
Mishra: Client feedback clearly underscores the need for better-integrated and comprehensive banking portals and product suites. Citi has responded with its CitiDirect BE® offering; a transaction banking portal that offers a rich set of cash management, liquidity and trade services through one single log-in. Furthermore, as the systems and software solutions used by our clients evolve, they become more functionality-ample.
GF: How can digital channels improve and simplify a treasurer’s workday?
Mishra: Digital channels offer a unique opportunity to meet the mobility, convenience and agility needs of today’s treasurers. Some roles are focused on reviewing/authorizing transactions, some on monitoring balances, and others may be focused on controls and reporting. Through our Innovation Labs, we have developed very specific solutions for mobile phones and tablets as well as further enhancements to our online channels. Through mobile, we offer secure, rich authorization and enquiry capabilities for treasurers on the move. And via our tablet solution, we offer customized data visualization and analysis to help determine the cash positions globally, regionally or locally in a single view, helping clients make informed, real-time liquidity decisions.