Instead of scrounging for their checkbook, a group of eight can evenly split the cost of a dinner out with the tap of a button. Online food ordering platforms aggregate local menus for a one-stop shop come lunchtime. Businesses across the board who are pioneering new technologies to improve customer convenience are quickly rising above the rest. For many financial institutions, the implementation of these new technologies falls on the Chief Information Officer. In a recent study of Chief Information Officers, digital initiatives emerged to the forefront as the top priority moving into 2020. The customer convenience and experience serve as the guiding light, encouraging CIOs to implement digital tools that provide a streamlined, frictionless experience for their customer. For CIOs looking to eliminate the gaps between sales and fulfillment, the right banking workflow automation platform can empower your treasury management team to meet modern customer demands at lightning speed.
1. Prepare your team for the future of ACH and wire payments
From Uber drivers to freelance workers, workers taking part in the new gig economy are unwilling to wait the traditional days or weeks to receive payments. Using a platform like ProcessMaker, you bank can quickly meet regulatory and security compliance by creating replicable wire templates to speed-up approvals. Although ACH payments are a traditional mainstay of the banking industry, the gig economy introduces a secondary challenge for financial institutions: fluctuating payments. Unlike a consistent, bi-weekly paycheck, banks have little visibility into what payments are coming up and when. Strictly relying on age-old models of after-the-fact reporting and analysis yields poor forecasting. Treasury service teams need to rely less on past performance, but leverage new, real-time tools to make forward-thinking decisions.
2. Accelerate your ability to serve your community with business credit cards
What is one of the most powerful draws for potential new clients? Convenience and ease of purchase. Gone are the days of customer loyalty—people want products and services that are easy to join, easy to use, and easy to register for. Are clunky, outdated processes hindering your ability to open business credit card accounts? Potential clients do not want to wait through lengthy approval processes. Even if they have a checking account with a given bank, they’ll flock to alternative platforms that offer faster, more convenient options for opening new credit cards. Eliminate the hurdles your treasury services team experiences when opening new business credit card accounts and better serve your commercial clients. By implementing the right string of automated processes, your system can quickly verify eligibility and determine the ideal product for the client. Plus, you can make it easier than ever for your commercial client's employees to access business credit cards by offering intuitive applications that they can complete on PC, tablet, mobile, or wherever is most convenient.
