Bill Gates’ oft-used quote of people needing banking, but not necessarily banks, has started to become more of a reality in the last decade. However, the competitors creating that reality have an older quote at the forefront of their minds: “The customer is king”.
Businesses no longer have to source banking services from a traditional commercial bank. New challenger banks have entered the market in the last decade to provide services based on specific use-cases or specific segments. However, more disruptive is the rise of business to business (B2B) marketplaces, where businesses sell goods and services only to each other.
In this article, we share how commercial banks can maintain their relevance and even elevate their customer relationships through embracing the B2B marketplace.
For more information about Capco’s commercial banking services, please contact the author.