5 Payment Trends to Look For in 2016

5 Payment Trends to Look For in 2016

Few would argue that greater treasury efficiency and lower costs is a bad thing. And that is why the continuing migration from paper to electronic payment processes is inevitable. In the coming year, several B2B trends are apparent:

  1. Payments are going to be faster – As more and more payments migrate to automated, electronic systems, cumbersome manual processing will be minimized or eliminated, improving overall treasury efficiency.
  2. Data will deliver insights - As technology enables faster reconciliation of sales and cash, organizations will dramatically improve their ability to gain critical insights, enabling real-time decision making with regard to inventory management and marketing.
  3. Focus on customer service – By improving payments processing, organizations can free up employees from manual tasks so they can focus on customer service, ultimately fostering greater customer loyalty.
  4. Mobile is the new black – Mobile technology will make deeper inroads in B2B payments, as more professionals demand the same convenience they currently enjoy in their consumer lives.
  5. Security will be first and foremost – Cybersecurity will continue to be a treasury priority, and banks will be a prime source of security tools, such as smart safes for use at point-of-purchase to secure cash and provide a safer work environment for employees.

In order to maximize opportunities from these emerging trends in the payments space, companies would be well advised to work with a trusted bank advisor to take full advantage of new technologies. Fifth Third Bank is fully committed to helping clients drive great treasury efficiency. 

The views expressed by the author are not necessarily those of Fifth Third Bank and are solely the opinions of the author. This article is for informational purposes only. It does not constitute the rendering of legal, accounting, or other professional services by Fifth Third Bank or any of their subsidiaries or affiliates, and are provided without any warranty whatsoever. Deposit and credit products provided by Fifth Third Bank.