As banks continually revisit their business models, what’s become clear is banks have reached a crossroads when it comes to correspondent banking. A halfway approach where banks see the practice as an add-on service has become increasingly risky. In an interview with Finextra, Marc Recker, Deutsche Bank’s Head of Market Management, Institutional Cash Management, discusses the changing landscape for correspondent banking and its implications for cross border payments
Reaffirming correspondent banking as a cornerstone in Deutsche Bank’s core offering, Recker explains how the Bank has increased control levels, articulated its risk appetite statement to clients and invested in both its people and technology. This, he believes, will ensure that Deutsche Bank provides a sustainable, future-proof offering to its financial institution clients.
In light of the shift towards a digital economy, Recker goes on to explain how Deutsche Bank is addressing the evolution of client expectations when transmitting cross border payments. In his view, leveraging the power of big data, as well as adopting the correct organisational spirit – one that actively engages in further collaboration – will be crucial in ensuring that the necessary improvements can be achieved.
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