Treasury staffs at companies worldwide are becoming more involved with key corporate functions—especially financial ones, such as procurement, accounts payable, and accounts receivable.
Banks, in turn, recognize this higher-level treasury focus and want to support it.
In a new report, the Aite Group notes it is time for banks to go beyond treasury to expand their business and relationships by providing products and services that add value to the payment-processing function of their clients.
While 35% of surveyed banks told Aite Group that such products are “extremely important” today, 60% see these offerings as being “extremely important” in two years’ time.
“Companies, banks, and technology vendors are on the same page when it comes to accounts payable processing; all three want to introduce automated solutions to lower costs, reduce errors, and speed processing time,” says Nancy Atkinson, senior analyst with Aite Group and author of this report.
“By offering payables-processing offerings, banks will develop stronger relationships, retain more business, and lessen the importance of pricing as a factor in a company’s choice of bank. Vendors can assist banks by providing educational tools that help internal bank employees and external clients with their daily jobs.”
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