What this new breed of treasurer expects from their workplace systems is an intuitive, personalised user experience. This means one with the same ease of use, interactivity and mobility they’re accustomed to in their daily lives – app-enabled, multi-device and multi-screen, both at home and on the move.
This is a seismic and irreversible behavioural change with major implications for employee productivity and engagement. A few years ago it was enough for a system to offer standard functionality irrespective of the user experience it offered, but no longer. The “leisure computing effect” means today’s employees no longer suffer in silence if required to use outdated systems that are confusing, difficult to navigate, and require heavy training. Instead, they’ll complain – or maybe seek another employer who provides a less challenging experience.
Overall, this shift in employees’ mind-set encompasses two key dynamics. The first lies in their heightened demand for usability and interoperability, as well as labour-saving workflow capabilities; so they can start an activity on one device and complete it on another. The second is seamless mobility, with a consistent user experience across desktop, tablet and mobile – each adapted to the specific strengths of the form factor.
Companies meeting these expectations will not just have systems that their employees regard as easy-to-use. They’ll also have higher staff retention, lower training costs, and a more engaged and productive workforce. All of these factors creates a competitive edge.
One effect of employees’ rising expectations of workplace systems has been to raise the bar for banks’ treasury management solutions. The quality, flexibility and consistency of customer experience that they provide is more important than ever.
With a growing number of banks around the world offering treasury services to their corporate customers, treasury departments should consider the solutions they offer to access to the most suitable tools. Indeed, corporate treasurers should seek those that help them achieve several key steps, including simplifying and automating processes, reducing costs, increasing straight-through processing (STP), boosting revenues and enhancing visibility through the end-to-end value chain.
1. User Experience and Personalisation:
Look for solutions offering a simplified user experience, application entitlements configured to meet the firm’s specific needs and those that will ultimately help your customer. Accessing and viewing relevant information should be made as quick and easy as possible.
Best practice also includes the incorporation of leading-edge personalisation and usability features. An important principle here is to look for a platform that provides consistent style and navigation across the entire application.
Other important aspects include surface links and advanced filters, enabling the user to click through easily from any point to filter and interrogate information, without having to navigate through a number of pages. The resulting speed and accessibility should be further enhanced through consistent, standardised use of flexible grids.
Simplified payments workflow and data entry are further key aspects of good customer experience.
Configurable menu links are a further essential feature of any treasury solution that a corporate treasurer chooses. They enable the firm and authorised users to create their own links and page layouts to match the customer’s own needs and ways of working, helping to boost speed and efficiency in daily work.
2. Channel Integration:
It is important for treasury to find solutions that are integrated across different platforms. Mobile and tablet devices are gaining growing usage, as staff work increasingly from home or on the move. As a result, any treasury solutions provider should offer a seamless customer experience using the online banking portal and implementing it across channels using mobiles and tablets.
This means an information, navigation and usability experience that is the same across all platforms as on the desktop, with consistent real-time data across channels.
3. Implementing Products, Services and User Experience Solutions to Specific Customer Segments:
A flexible, tailored and relevant customer experience is increasingly vital to a firm’s success, and having complementary treasury management solutions is essential. As a result, corporate treasurers should look to solutions that can help meet the widely differing reporting needs of their firm in an agile, cost-effective and automated way. As their needs evolve – while their businesses grow and expand into new territories or activities – treasury solutions must adapt too.
4. Automation of Customer On-Boarding:
A related point in what corporate treasurers should seek from their treasury systems is automated customer on-boarding by segment, using pre-packaging of services. To achieve this, a key attribute is STP to reduce the turnaround time involved.
To minimise this time, the key capabilities include workflow management for ease of customer on-boarding, applying the principles around workflow management and taking into account the file formats used in the client’s enterprise resource planning (ERP) systems. Also vital is integration with multiple up- and down-stream bank processes, including external systems.
5. A Continuum of Services and Upgrades:
Corporate treasurers must find a solution that has a smooth continuum of offerings, based around a consistent core with additional features offered as optional extras to meet specific needs.
This continuum should provide a seamless migration path for companies as they grow. Corporate treasurers need sophisticated, flexible and highly automated treasury management solutions offering consistent, intuitive customer experiences.
As they seek treasury solutions providers to better enhance their business and the customer experience, these five points will help navigate the process in making the best choice for the firm.
Like other corporate employees, professionals in today’s treasury functions bring their experiences and expectations as consumers into the workplace. Corporate treasurers across all industries and segments must meet these rising expectations by providing systems that offer an enhanced customer experience.
At the same time, they must also respond to other pressures, including intense pressures for greater automation and efficiency, headlong technological change, growing demands from business stakeholders, and an increasingly severe squeeze on talent. Faced with the need to reconcile these conflicting challenges, treasurers look for sophisticated, flexible and highly automated treasury management solutions offering a seamless experience.
Regulation technology is fast gaining currency by transforming how financial institutions can tackle compliance in a swift, comprehensive and less expensive manner.
Many banks around the world, large and small, continue to experience major security failures. Biometric systems such as pay-by-selfie, iris scanners and vein pattern authentication can help.
The implementation date of Europe's revised Markets in Financial Instruments Directive, aka MiFID II, is fast approaching. Yet evidence suggests that awareness about the impact of Brexit on MiFID II is, at best, only patchy and there are some alarming misconceptions.
How are fintechs preparing for PSD2 implementation? Should disruptive payments companies wait for the regulation to become effective or can they thrive today?