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:
- 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.
- 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.
- 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.
- 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.
- 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.