Almost 80% of respondents felt it was important that their bank offer multi-channel access, and over half said it would be a key decision factor when selecting a new bank relationship, according to a survey conducted by Treasury Strategies and sponsored by Fundtech.
Treasury Strategies, an independent treasury management consulting firm, surveyed over 200 companies of various sizes across six continents and found overwhelming evidence that corporates are placing greater value than ever before on consistent multi-channel access to information and services from their banks.
The rapid growth in business use of tablets and smartphones is changing the way companies of all sizes interact with their banks. The research found that companies will make a massive leap over the next 12-18 months from single-channel to multi-channel use and that treasury professionals expect their banks to offer a consistent experience across all channels:
- Forty-three percent of those surveyed are currently using more than one channel to access their treasury information and services. Over the next 12-18 months 60% expect to use multiple channels, an increase of nearly 50%.
- Over the next 12-18 months the number of treasurers using only a single channel (presumably desktop) to access bank information and services will decline by more than 50%.
- More than three-quarters (78%) say that accessing their treasury information and transaction services in a consistent way across all channels is either extremely or very important.
- Less than 8% consider multi-channel access not important at all.
Mike Gallanis, Treasury Strategies’ head of corporate consulting practice, said: “We are especially surprised with the number of corporates who indicate that the offering of a multi-channel solution would be a factor in choosing a new banking partner. Banks would be well advised to develop and deploy a multi-channel solution in order to meet growing demand from corporates.”
In response to market demand, Fundtech has launched CASHplus Mobile Corporate Banking for Tablets, part of the firm’s ‘triple play’ (desktop, smartphone and tablet) cash management product strategy. Now banks can offer their corporate customers access to treasury services across multiple access channels with a consistent and integrated user experience that is right-sized for the device.
CASHplus Mobile Corporate Banking for Tablets gives corporate treasurers access to critical bank information and services so that they can manage their cash flow and make decisions anywhere, anytime. This new tablet functionality enables banks to meet the growing demand amongst corporate treasurers for multi-channel access to treasury services.
New Features in CASHplus Mobile Corporate Banking for Tablets include:
- Native iOS and Android app with optimised functionality for touch screen interaction.
- Ability for treasurers to access balances and transactions, wire approvals, automated clearing house (ACH) approvals, positive pay decisions and exceptions.
“We believe that our triple play suite is game-changing for banks, because it offers unprecedented access, delivering a new and competitive level of convenience and control,” said Mary Ellen Putnam, head of US banking products at Fundtech. “As the recent Treasury Strategies study shows, treasurers’ usage of multiple channels to access bank treasury services will grow by a whopping 50%. The trend towards multi-channel access is undeniable and banks cannot miss out on the opportunity to meet such a distinct need among treasurers.”
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