iGTB’s Michel Jacobs has been quoted in a Global Finance magazine article about the future of transaction banking where he talked about “contextual banking” – understanding the intent and context of each interaction – and how it will enable corporations to make better decisions associated with executing each transaction.
“It’s like FedEx,” says Jacobs. “Corporates don’t really care if something gets shipped by means of a boat, train or truck; they just focus upon the cargo.” In terms of banking, if the interaction is the cargo, it doesn’t matter if it gets moved via a blockchain, Swift, R3 or Ripple. “They are all just means of execution,” Jacobs says.
“It’s only by leveraging the actual data/content of the interaction that we can help clients make better decisions.” In the FedEx example, different factors all impact the choice of how to move the cargo from A to B. Similarly, a corporation needs to know whether it needs a particular payment to arrive at its destination in real time, or a few days.
“Is a payment associated with a container of production materials in Singapore that has to be released now? Or is it for a ship of produce that’s coming in from China that may arrive in a week or two days sooner?” Jacobs says. “If you understand and leverage the data, you can not only understand what it is that clients are trying to do, but also synthesize why they are doing it. Understanding the ‘why’ allows us to offer better choices to corporate clients, so they can make better decisions. It’s about making transaction banking more business-aware.”
To read the full article, please go here.