US financial professionals ready to spend in 2017

A recent survey of US financial professionals conducted by Capital One’s treasury management group found that 83% plan to implement new treasury management products and services in the coming year.

The survey, carried out by the credit cards and banking services group at the Association for Financial Professionals’ (AFP) annual conference in Orlando, Florida in late October also found that adoption of commercial credit cards to manage payables processing continued to grow in the US during 2016.

Seventy-four percent of respondents use a commercial credit card to manage payables processing, an 11% gain over 2015. In addition, 87% of respondents can access mission-critical information remotely, a 24% increase from Capital One’s 2015 survey.

However, everyday adoption of mobile products is still a work in progress; 54% reported that only a few key executives in their organisations complete finance functions from their mobile devices on a regular basis.

Mobile products align with the expectations of our customers and how they want to engage with their work,” said Rick Elliott, head of the commercial card group at Capital One Bank. “We’re in a time of rapid change in the industry; we have seen mobile adoption gain some traction, but we need to set a higher bar for customer experiences.”

Patrick Moore, head of Capital One’s treasury management’s product management group, noted that half of the survey respondents prefer a treasury management services provider that will focus on solving their company’s unique pain points.

Cybersecurity remained top of mind among industry professionals in the US. Ninety-five percent of those surveyed reported their organizations have implemented new security measures in response to the growing threat of cyber fraud, a 25% increase from the 2015 survey. Meanwhile, 94% of respondents reported security concerns as the primary barrier to adoption of a corporate mobile banking platform, a 41% increase from last year.

The survey polled responses from 123 financial professionals at the AFP conference.

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