Commercial card adoption continued to grow across the industry 

Cybersecurity cited as a key concern for corporate mobile banking

The vast majority (83 percent) of finance professionals are planning to implement new treasury management products and services in the coming year, according to a recent survey conducted by Capital One’s Treasury Management Group. The survey also found that adoption of commercial credit cards to manage payables processing continued to grow in 2016.

Seventy-four percent of respondents use a commercial credit card to manage payables processing, an 11 percent gain over the prior year. In addition, 87 percent of respondents can access mission-critical information remotely, a 24 percent increase from Capital One’s 2015 survey. However, everyday adoption of mobile products is still a work in progress; a small majority (54 percent) reported that only a few key executives in their organizations complete finance functions from their mobile devices on a regular basis.

“Mobile products align with the expectations of our customers and how they want to engage with their work,” said Rick Elliott, Head of the Commercial Card Group at Capital One Bank. “We’re in a time of rapid change in the industry; we have seen mobile adoption gain some traction, but we need to set a higher bar for customer experiences.”

Patrick Moore, Head of Capital One’s Treasury Management’s Product Management group, noted that fifty percent of respondents prefer a treasury management services provider that will focus on solving their company’s unique pain points. “At Capital One we take a human-centric design approach to identify pain points that clients are experiencing day to day. We’re focused on reducing the friction in the system to create a more seamless work flow and enhance the customer experience.”

Cybersecurity remained top of mind among industry professionals. Ninety-five percent of those surveyed reported their organizations have implemented new security measures in response to the growing threat of cyber fraud, a 25 percent increase from Capital One’s 2015 survey. Meanwhile, the majority (94 percent) of respondents reported security concerns as the primary barrier to adoption of a corporate mobile banking platform, a 41 percent increase from 2015.

The survey, conducted at the Association of Financial Professionals (AFP) Annual Conference in October 2016, gauged views on treasury management services and corporate mobile banking platforms and their respective security.


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