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Are clunky, outdated processes hindering your ability to open business credit card accounts?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.
3. Improved merchant services to enhance the customer experience
The “time to pay” used to involve a wait in a long queue. While making light conversation at the checkout, a credit card swipe would take its time communicating with the bank to approve or decline a purchase.
Customers are no longer waiting at the check stand for processing or verification—RFID tags can assemble a digital picture of their shopping basket and collect payment as they stroll out the door. Colorful wristbands at theme parks and concerts swiftly process transactions for food, drinks, and novelty collectibles with one quick tap on a sensor. You can even order a fresh round of detergent through a voice-enabled assistant without ever reaching for your wallet. The “time to pay” is no longer a discrete activity, but merchants are embedding payments into the overall customer experience. With this transformation, the processing window has dramatically decreased, forcing treasury services to implement faster, more agile tools.
Empower your treasury management services team with the right tools to adapt to these changing payment styles. The right banking automation workflow platform establishes swift certification processes and robust payment solutions. Armed with a world-class archival and retrieval solution to access customer data, you’ll be able to provide unmatched merchant services for businesses at the forefront of outstanding customer experiences.
Evolving your digital processes can help better manage treasury services. While many financial institutions fail to adapt because of their attachment to cumbersome legacy software, platforms like ProcessMaker can work hand-in-hand with current systems to better empower your team with the tools and insight they need to serve customers of the future.
