Corporate finance professionals cited mobile banking as the most desired improvement

Streamlining treasury management processes is an important goal for corporate finance professionals, and online access—especially from mobile devices—is high on their list of priorities. These were the top-line conclusions from a recent survey conducted by Capital One’s Treasury Management Group at the Association of Financial Professionals (AFP) Annual Conference in October 2017.

The majority (53 percent) of respondents said they plan to implement new treasury management products and services in the coming year, and two-thirds (67 percent) were especially interested in mobile banking options. The enthusiasm for mobile applications has grown over the past 12 months. This year, 38 percent of survey participants reported that everyone in the finance department could complete finance functions from their mobile devices on a regular basis, compared to 23 percent in Capital One’s 2016 survey.

The survey also revealed that corporate finance professionals depend on their treasury management service providers to introduce new, cutting-edge products. When asked about their top consideration when choosing a provider, 46 percent named innovation, exactly twice those selecting cost-effectiveness, a more traditional concern.

“Technology and innovation are at the forefront of our practice as we continue to grow mobile banking product services,” said Rajsaday Dutt, Head of Commercial Card Product Strategy at Capital One Bank. “At a time when we’re seeing mobile adoption continuing to gain traction, we hold ourselves to the highest standards to deliver an unparalleled customer experience.”

Corporate finance professionals also favor treasury management services providers that invest in products that address customer pain points. A strong majority (71 percent) chose providers that spent time asking questions about their company’s business flows and that focused on creative digital solutions to remove obstacles.

For Chad Wallace, Head of Commercial Digital Channels at Capital One, this trend aligns with his team’s primary focus. “At Capital One, we take pride in creating products that provide integrated solutions that enhance the customer experience by promoting seamless work flow.”

The survey also demonstrated that cybersecurity remains a major concern for industry professionals. Seventy-eight percent of those surveyed reported their organizations have implemented new security measures in response to the growing incidence of cyber hacks and cyber fraud. These efforts have included email security and endpoint protection, web security protocols, and password and access management.

Additional Findings

A number of features are high on the digital shopping list of corporate finance professionals:

• Easy mobile and web access (35 percent)
• Fast, simple online account opening (34 percent)
• Access to all banking and treasury management services in one location (21 percent)
• Convenient digital payment collection methods (10 percent)