In today’s fast-paced world, digitalization has become an integral part of every industry. While retail banking has seen significant advancements in digital transformation, corporate banking has often been overlooked. Recognizing this gap, Aurionpro Solutions Limited has developed AuroDigi, a project aimed at revolutionizing corporate banking through digitalization. In this blog post, we will explore the importance of digitalization in corporate banking and how AuroDigi addresses the need of the hour.
Digitalization in Corporate Banking:
The significance of corporate banking in catering to businesses’ financial requirements cannot be overstated. In today’s dynamic landscape, embracing digitalization is imperative to meet the ever-evolving demands of SMEs and large corporate customers.
True innovation arises when the goal is to delight customers, making customer experience the core of every solution, whether digital or physical. Embracing digital solutions empowers corporate banks to streamline processes, boost efficiency, and ultimately elevate customer experiences, paving the way for overall growth and success.
Digitalization empowers corporate banking with real-time insights, faster transactions, robust security measures, and seamless integration with other business systems.
Rising Importance of Corporate Banking
While retail banking has been at the forefront of digital transformation, corporate banking has lagged behind. This discrepancy can be attributed to the complexity and unique requirements of corporate banking services. However, the changing business landscape, increased competition, and evolving customer expectations have propelled corporate banking into the spotlight. It is now more critical than ever to provide corporate customers with innovative digital solutions that enable efficient cash management, liquidity planning, risk mitigation, and enhanced decision-making capabilities.
Corporate Banking Lags in Digital
AuroDigi addresses the pressing need for comprehensive digitalization in corporate banking. It is a forward-thinking project designed to empower corporate banks with cutting-edge technology solutions, enabling seamless operations, self-service capacities, and persona-based user experiences to drive customer satisfaction and foster growth. AuroDigi offers a holistic suite of digital banking solutions specifically tailored to meet the unique requirements of corporate customers.
Here are a few key challenges that is overcome by AuroDigi incredibly:
Lack of unified customer experience:
Banks provided solutions/services for corporate customers independently, resulting in an inconsistent experience.
AuroDigi offers a unified platform with a modular approach, providing a unified user experience for corporate customers. Its API-based decoupled GUI platform also allows seamless integration of ready APIs with backend engines for processing requests.
Limited or no self-service capabilities:
Banks offer limited self-service capabilities, leading to reliance on bank officials for unavailable services or issue resolution.
AuroDigi provides various self-service capabilities, allowing corporate customers to manage their product configuration, user management, limit management, and notifications.
One product does not fit all:
Banks offer rigid products/services, requiring customers to change their internal processes to fit.
AuroDigi allows banks to offer tailor-made solutions through product workbench configuration, providing customized products to corporate customers.
Traditional onboarding processes with longer TAT:
Traditional corporate onboarding involves paperwork and is operation-intensive, resulting in longer turnaround times (TAT).
AuroDigi offers self-onboarding capabilities with a digital process, predefined templates, and integrated data validation, reducing onboarding time.
Lack of personalization for corporate customers:
Traditional corporate internet banking applications lack personalization.
AuroDigi focuses on personalization, providing a user-friendly and customer-centric experience.
Key Features and Benefits of AuroDigi:
Enhanced Customer Experience: AuroDigi offers intuitive interfaces, self-service portals, and personalized dashboards that provide corporate customers with real-time access to their accounts, transactions, and financial insights. This enhances transparency, improves decision-making, and fosters stronger customer relationships.
API-first architecture: AuroDigi’s state-of-the-art architecture utilizes microservices and an API-first approach for seamless integration. It employs a future-ready framework for a user-friendly experience and container-based deployment for agile management. It ensures flexibility, scalability, and enhanced security. It can be deployed on-premises or in cloud environment.
Robust security: AuroDigi provides robust security for corporate customers to do their transactions confidently. Security features include biometric-enabled login, multi-factor authentication, and confidential information masking.
Streamlined Workflows: AuroDigi optimizes complex processes by automating routine tasks, enabling seamless collaboration, and reducing manual errors. This allows banks to provide faster and more efficient services to their SME clients and large corporates.
Data-driven Insights: AuroDigi leverages data analytics through AI/BI-driven algorithms to provide valuable insights into corporate banking operations. These insights enable banks to anticipate customer needs, identify growth opportunities, and deliver tailored solutions.
AuroDigi has been designed with a decoupled, modular architecture at its core, embracing the principles of microservices-based design. It has adhered to REST First development practices, prioritizing simplicity and consistency in its APIs, while ensuring secure access with CORS headers control, token-based authorization, and multi-factor authentication.
Conclusion:
Digitalization is transforming every aspect of the banking industry, and corporate banking is now catching up with the retail sector. AuroDigi, a cutting-edge product by Aurionpro Solutions Limited, is leading the transformation of corporate banking through digitalization. With a keen focus on customer experiences and delight, AuroDigi empowers banks with self-service capacities and persona-based user experiences. This innovative solution streamlines workflows, enhances customer interactions, and leverages data-driven insights, propelling corporate banking into a new era of efficiency, agility, and customer-centricity.
Prepare for sustained growth and success in the digital age with AuroDigi at the forefront of your banking journey.
