In a new report published by Accenture, a consultancy and outsourcing provider, banks are urged to look beyond cost cutting and efficiency initiatives, and start growing revenues in areas which are not capital-hungry: in particular cash management. Far from being ‘a steady but relatively unexciting aspect of banks’ activities’, it is heating up as a key driver of revenue growth.
Jeremy Light, the report’s author and head of the European payments practice at Accenture, said: “Not only does cash management present substantial potential for ongoing growth in transaction volumes and revenues, but it also offers opportunities to broaden and deepen customer relationships, rebuild trust lost in the crisis, and cross-sell other products and services. While financial institutions will remain a significant revenue source for cash management and payment services, our view is that the biggest opportunity is among corporate clients – and increasingly among mid-sized international companies.
“In the wake of the crisis, many corporates are transforming their treasury and financial operations, to address inefficiencies and bottlenecks in their cash management and payments processes. This presents a major opportunity that needs to be seized quickly,” he added.
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