The modern banking landscape has changed fundamentally at the hand of digital transformation. Retail banking disruptors such as Monzo and Atom have ripped up the rule book on what effective banking looks like, and consumers have voted with their feet. Corporate banks have traditionally been slower to innovate and, in a post PSD2 world, this has been a source of frustration for corporate customers who expect to see the same degree of transformation as experienced with their personal bank. As a consequence, corporate banks have found it more challenging to not only win new business, but retain existing business. However, the rise of virtual accounts is changing the tide – providing customers flexibility and improved productivity, making corporate banks more competitive in the process.
