More than 90 percent of industry professionals plan to adopt new commercial card tools and services in 2017
Ninety-one percent of corporate finance professionals plan to implement new commercial card tools or services in 2017, according to a survey conducted by Capital One’s Commercial Card Group at the 2017 NAPCP Commercial Card & Payment Conference in Houston, Texas. This adoption rate is 36 percent higher than a similar survey found last year, and demonstrates growing demand among industry professionals for products that simplify and streamline their everyday corporate finance needs.
Sixty-three percent of respondents said their top consideration when selecting a commercial card provider is one that services and supports their companies’ unique needs with an all-in-one intuitive interface that allows management of all payments in one space. The second most important consideration cited, at 15 percent, is a program that supports vendor enrollment and card acceptance.
“We are seeing a big jump in demand for commercial card tools among corporate finance professionals in just one year, which demonstrates the demand for more customized and specialized offerings that support our clients’ varied business needs,” said Rick Elliott, Head of the Commercial Card Group at Capital One Bank. “We are working in close partnership with our clients to better understand the daily challenges they face and provide creative solutions for these problems,” Elliott added.
Card providers are clearly listening to their clients; 82% of respondents say their commercial card provider asks questions to better understand pain points and develop creative solutions to solve problems and make their job easier.
Adoption of cutting-edge digital tools is on the rise. Eighty-eight percent of those surveyed have access to a commercial card mobile app that allows them to manage and submit travel expenses remotely, a 54 percent increase from 2016. Survey respondents also reported increased adoption of a single card for both procurement and travel and expenses. Half of those surveyed reported using such as card today, compared to 39 percent who said the same last year.
“As overall adoption of commercial card technology continues to grow, we are committed to embracing the latest digital capabilities that streamline our client offerings and provide an efficient and intuitive customer experience,” said Elliott. “With increased ease of use and implementation, these digital tools are attractive and user-friendly options for our ever-increasingly sophisticated client base.”
Respondents from companies without a commercial card app were evenly split on the cause; 50% claimed the primary barrier to the commercial card app is figuring out their organization’s “bring your own device” policies, compared to 50% reporting their organization does not want to transition to a mobile app from the system currently in place.