Key Challenge
The modern corporation often struggles with managing hundreds of bank accounts. New accounts are opened frequently at the local level while others become inactive as business needs evolve. Banking relationships, services, and required documentation may vary from account to account or region to region. Local laws often
restrict who may control or access accounts. Authorized signatories are constantly changing as personnel come and go, or change function or title.

The current process of bank account management (i.e., opening, maintaining, and closing accounts) is manual and paper-based, leading to high costs and
inefficiencies for both corporations and banks.

Key findings from a recent survey conducted by Finextra and Pegasystems show that:

• 44% of corporates would switch banks for better service around account opening, maintenance and closing.
• A growing number (15%) of corporates expect all of their bank providers to offer EBAM services in the short term and are adding it to all of their new RFPs.
• 47% of banks believe that it would take more than a year to undertake the necessary process and system re-engineering to enable EBAM.
• 60% of banks identify the lack of IT resources and technologies as the biggest obstacle to delivering timely EBAM services to their corporates.