It’s been a wild ride for banks over the past month, and it may not be slowing down any time soon. Given the current state of the commercial banking industry, it’s important to look at the challenges FIs are facing, and some of the solutions built to address them.
Challenges and strategic priorities in an uncertain market
As the economic winds change, many banks are moving from a growth mentality to a protection mentality—that is, they’re focused on protecting, expanding, and better managing the relationships they already have. Recent market shifts have only amplified banks’ biggest concerns in 2023: growing deposits, relationship expansion, and cross-selling. In fact, during our recent State of Commercial Banking webinar, attendees reported their biggest priorities entering 2023:
• 47% said relationship expansion/cross-sell
• 46% said digital transformation (client facing)
• 35% said digital transformation (internal)
And then, there are all of the other headwinds commercial banks are being forced to navigate in 2023:
• Revenue pressure
o Rising rate landscape
o Fluctuating demand and inflation
• Credit stress
o Evolving industries
o Deteriorating credit quality
• Relationship impact
o Value of complete relationships
o Winning full share of wallet
• Execution
o Using data effectively
o Collaboration
Solving commercial bank challenges with the power of primacy
So, how do banks obtain solutions to these challenges through technology? How can you, as a commercial banker, make the experience better for customers (and employees!) to enhance those primary relationships?
If you can secure primacy, you can boost profitability. That’s where Premium Treasury Pricing from PrecisionLender comes in. Relationship pricing sets banks up so they can win an entire commercial deal from beginning to end, including the loan, deposit, and treasury business. It gives you the tools to empower all of your deal team members to win more deals more often.
By bringing relationship managers and treasury management officers (who have previously been working in disparate tools) into a single system, pricing together, PrecisionLender enhances the employee experience in a way that’s designed to win the entire banking relationship.
Premium Treasury Pricing gives you the insights to drive better coaching decisions, to score the cross-sell, and to maintain lending relationships. Not only that, but our powerful AI tool Andi is designed to better serve and equip you to make the right decisions at right time. The best part? PrecisionLender integrates with all of your systems to help you reduce the amount of technical debt you have, and streamline your processes along the way.
Premium Treasury Pricing replaces conventional pro forma tools and enables RMs and treasury officers to price products across business units via a seamless experience. Here are some of the additional benefits and value it delivers for commercial banks:
• Prioritizes relationship economics
• Identifies and values cross-sell opportunities
• Facilitates effective collaboration
• Measures performance and ensures accountability
Learn more about building and strengthening commercial relationships in 2023
Want to find out what else PrecisionLender can do for your business in 2023? Don’t miss Ben Cash’s session at Q2 CONNECT, May 15-18 in Austin, Texas. He’ll be sharing industry trends, the latest tech advancements, and a live demo of the Q2 Premium Treasury Pricing solution at this year’s conference.
