We are at a critical inflection point for corporate banking. The current business model for big banks does not lend itself to innovation—macroeconomic forces coupled with the death of relationship banking means all but the absolute largest players have unique advantages to offer clients.  While “innovation” might feel like an uncomfortable buzzword for historic institutions, new technologies offer tangible opportunities for a competitive edge for banks who are bold enough to try it.

The fact is that for corporate banking customers - often finance or treasury departments - innovation is sorely needed. Traditionally, a company’s real-time cash position hasn’t lived in any one place. It’s shockingly spread out, dispersed across various spreadsheets and bank portals. It’s a virtually Herculean task for finance teams to do anything other than merely respond to questions as they’re posed. How close are most companies to the edge of liquidity challenges at any given moment in time? Few truly know.

For example, Trovata just expanded our partnership with J.P. Morgan, enabling it to become the first bank to provide corporate banking clients with real-time data, connectivity, and onboarding across multiple banks, all through a single sign-on offering. Now J.P. Morgan customers are able to immediately see their balances across dozens of banks at the same time. With the help of Trovata AI, those customers are able to then leverage generative AI to pull complex financial reports in seconds. Solutions like this are long overdue and critical to the wellness and longevity of big banks.

Increasingly, banks like J.P. Morgan recognize the necessity of the technological shift. In a new survey by Google Cloud, a majority (92%) of banking executives said there is a high demand for generative AI within the banking industry. But these institutions were not built to be tech companies, and they are not masters in building products based on APIs or AI. By leveraging partnerships with emerging tech players rather than attempting to build these solutions on their own, banks will save money and have the ability to distribute financial offerings across a variety of industries that are tailored to individual customer needs. This will revolutionize the banking industry for the better. 

Brett is the founder and CEO of Trovata. He started his career as a CPA at Deloitte and then spent his early years as a financial reporting & GAAP specialist in Controller roles prior to his time at Amazon managing its SEC reporting. After leaving Amazon in 2005, Brett developed a strong track record for building, financing, and growing tech startups as a CFO. Prior to starting Trovata in 2016, he raised over $100M through equity and debt financings with successful exits at 3 enterprise startups generating over $500M in shareholder value. Outside of work, Brett enjoys time with his family, the beach, playing golf, and watching the Seahawks.