# The contextual revolution is coming: iGTB unveils vision for transaction banking future in two new whitepapers
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-11-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Revolutionize Customer Service with Contextual Banking
Meta Description: Discover how Intellect Global Transaction Banking is using predictive analytics and machine learning to provide tailored solutions for corporate banking
URL: https://financedigest.com/the-contextual-revolution-is-coming-igtb-unveils-vision-for-transaction-banking-future-in-two-new-whitepapershtml

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**_Contextual banking, which uses predictive analytics and machine learning to understand and anticipate the needs of corporate banking clients, will help transaction banks revolutionize customer service, maximize efficiency and boost revenue_**

Intellect Global Transaction Banking ( [iGTB](http://www.igtb.com/)), the transaction banking and technology specialist, has launched two whitepapers outlining its vision of “contextual banking” – which sees banks use contextual data to provide clients with automatic and tailored recommendations via a digital platform. The papers argue such an approach will bring customer service to unprecedented highs – providing simple, one-click solutions for cash management and payments optimization – while also cutting bank costs and opening up new revenue streams.

Commenting on _The contextual revolution: Cash Management’s answer to Amazon and Siri,_ and _Payments done properly: Contextuality holds the key to operational efficiency_, **Manish Maakan, CEO of iGTB,** says: “We think most banks ask too much of their clients – leaving them to research and understand the vast array of banking products at their disposal and determine which is best for their business in each new situation. No other [industry expects](https://www.financedigest.com/german-industrial-orders-slump-more-than-expected-in-august.html "German industrial orders slump more than expected in August") so much of its clients. Contextual banking is about reducing that workload – and making transaction banking an exemplar, rather than a cautionary tale, of customer service.”

Contextual banking uses data already available to banks – such as client invoices and current and [historical trend](https://www.financedigest.com/acetylated-distarch-phosphate-market-comprehensive-shares-historical-trends-and-forecast-by-2027.html "Acetylated Distarch Phosphate Market Comprehensive Shares, Historical Trends and Forecast By 2027") data – to understand what clients are trying to achieve and what upcoming issues they will likely face. Based on this understanding, the contextual banking system recommends optimal actions for the client – ranging from the suggesting best payment method for fulfilling a specific invoice to proposing a [supply chain finance program to improve](https://www.financedigest.com/daimler-truck-sees-higher-returns-as-supply-chains-demand-improve.html "Daimler Truck sees higher returns as supply chains, demand improve") interactions with regular suppliers.

“Imagine a [bank client needs to fulfil an invoice,” says](https://www.financedigest.com/swiss-national-bank-raises-rates-says-bank-crisis-stopped.html "Swiss National Bank raises rates, says bank crisis stopped") **Michel Jacobs, Global Head of Sales and Head of Digital & Payments at iGTB.**“The contextual banking system will notify the client that a payment is due, identify the purpose of the payment – whether it’s to pay salaries, suppliers, or insurance premiums – and recommend the optimal means of paying based on various factors, including the need for speed, revocability, risk mitigation and more.”

Contextual [banking covers more than just payment execution](https://www.financedigest.com/u-s-bank-executives-raise-concerns-over-inflation.html "U.S. bank executives raise concerns over inflation"), however. It facilitates the entire orchestration of a [corporate’s finances](https://www.financedigest.com/g20-to-back-global-corporate-tax-deal-says-french-finance-minister.html "G20 to back global corporate tax deal, says French finance minister"). For example, the contextual system can identify accounts with an upcoming shortfall or surplus of funds, and recommend a solution, such as an inter-company [loan or short-term investment](https://www.financedigest.com/peer-to-peer-lending-how-to-use-p2p-lending-for-loans-and-investments.html "Peer-to-Peer Lending: How to Use P2P Lending for Loans and Investments").

Contextual banking has been designed with the bank client in mind, but it’s also engineered to meet banks’ own needs. Aside from [driving customer](https://www.financedigest.com/customized-innovation-to-drive-the-human-microbiome-market.html "Customized innovation to drive the Human Microbiome Market") loyalty with an unprecedentedly high level of service, its all-digital approach will also lead to sky-high rates of straight-through processing.

**Maakan** concludes: “Best of all, contextual banking can generate new revenue streams by recommending optimal [products that clients](https://www.financedigest.com/impact-com-continues-momentum-in-the-first-quarter-fueled-by-client-growth-new-products-and-partnership-events.html "impact.com Continues Momentum in the First Quarter, Fueled by Client Growth, New Products and Partnership Events") aren’t currently paying for. This is the perfect solution to [banks’ long-term struggle to improve cross-selling rates](https://www.financedigest.com/central-banks-ease-off-on-rate-hike-push-in-october.html "Central banks ease off on rate hike push in October") – enabling them to sell products at the exact moment they are needed. It happens automatically, so no opportunities are missed, and it carries the authority of an unbiased and intelligent algorithm – meaning no false leads. Contextual banking is exactly what banks need as they search for a way to improve customer services, [cut costs](https://www.financedigest.com/hm-to-cut-costs-as-profits-hit-by-inflation-cautious-shoppers.html "H&M to cut costs as profits hit by inflation, cautious shoppers") and grow revenue.”

The two whitepapers can be downloaded via the links below:

[The contextual revolution: Cash Management’s answer to Amazon and Siri](http://www.igtb.com/cashmgtwp)

[Payments done properly: Contextuality holds the key to operational efficiency](http://www.igtb.com/paymentswp)


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