Easy to do business with my bank: This has been high on corporate treasury’s wish list. Increasingly, treasurers are getting what they wished for. Banks are progressing rapidly with practical solutions that remove effort from banking activities.
Consumer expectations are informing business customer expectations
As consumers of digital commerce, we all experience how services fit smoothly into daily life. Everything has a consistent look and feel. Merchants fit into our lives not only through our smartphones, tablets, laptops but by aligning closely with how we like to do things. Providers recognize us instantly, know what we were looking at during our last interaction, and pick up right where we left off. Treasury professionals expect this same experience in the business realm.
The new gold standard: banking as a service
Organizing around the customer is becoming the gold standard for how banks operate. Known as open banking, the approach fundamentally changes the delivery of banking services.
Today banks are bringing services directly into a business customer’s systems, powered by APIs, so that companies can access banking services and information through their own accounting and ERP systems, and corporate treasury can stay within its own workflows to interact and transact with a bank. Businesses no longer need to send instructions to their banks by plugging into an online banking portal, transmitting files, or using host-to-host communication.
As a result of this shift, digital banking services can be available on demand. It’s right there waiting for you, and you never need to leave your own corporate systems environment. This extends to services like payments that are part of the holistic experience you create for your customers. This is the concept of banking-as-a-service.
End-to-end ease through digital transformation
Banks are applying digitization broadly to areas that have remained paper-based. For example:
- Document signature and exchange services can help to maintain a continual flow of business. These capabilities are especially important as signing papers and exchanging physical documents has become a challenge in the COVID-19 environment with the shift to remote workers.
- Simplified bill payments are designed to provide an easy way to migrate to electronic payments for businesses that still rely on checks, and the associated paper-processes, to pay bills and receive payments from vendors. Some solutions may even be able to integrate quickly and easily with common accounting software packages.
- Billing and collecting from overseas customers has long remained an onerous, manual process for many businesses. Cross-border receivables solutions enable U.S.-based businesses to present invoices digitally in U.S. dollars to global customers. Customers can pay these invoices in their local currency, and billers can receive payment in U.S. dollars.
Easy is transformative
Treasury gets pushed and pulled between a strategic focus and daily demands. Treasury touches so many aspects of an organization because cash and risk management permeate everything. As a result, CFOs and business units count on treasury to be a strategic partner.
Historically, it has been challenging for lean treasury teams to be strategic while cutting paper checks and signing bank documents. By making things easier, the latest banking innovations can contribute to helping treasury to further its evolution towards the strategic.
For more information, contact your Wells Fargo representative or fill out the Contact Us form on this site.