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Why Commercial Banks Are In Danger Of Being Left Behind

There is a widespread perception that the more conservative and less agile commercial banking sector has often lagged behind retail banking when trying to get to grips and implement financial technology. The retail banking sector has been quicker to adopt innovative new mobile and digital applications created to streamline the customer experience and increase retention levels.

Recent research by Fraedom that polled decision-makers in commercial banks found that nearly two thirds (63%) of respondents believe that commercial banks are indeed more cautious than retail banks. This thought leadership article by Kyle Ferguson, CEO at FinTech firm Fraedom, will explore how the commercial banking sector has become complacent when investing in new technology due to a lack of competition. The article will also discuss why commercial banks are now having to face up to the new technology demands from customers to improve their offerings, or be prepared to fall behind.

Fraedom works with banks globally to enhance their commercial card programs and give their customers a better way to manage business spend through its easy-to-use spend management system. The platform helps banks to differentiate their service, drive card uptake, increase card spend and improve customer retention. Fraedom’s solutions also facilitates card management and increases payment efficiency through an advanced invoice payment feature. Its future-proofed technology gives customers complete visibility of their card purchases through card statementing, while providing detailed transaction data reports.

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