And you know that. As a financial institution in today’s day and age the way to grow loyalty is to make sure your offerings are in line with what your business customers are seeking. As we wrote about the importance of fintech partnerships in a previous post partnering with fintechs that offer these digital solutions is key for your business moving forward.
What are the benefits?
Customer retention is obviously a piece of the benefits to your financial institution for the obvious reasons. But, there are a host of recurring commissions, interchange revenue, and significant new fee income.
How does AP automation work for business customers?
The workflow is a seamless end-to-end process making it easier to keep track of due dates on invoices, take advantage of early payment discounts, and manage cash flow. They have strict control with segregation of duties as well as enhanced security to mitigate fraud risk.
Take a look at how much simpler and easier the AP process becomes with automation.
Getting Started with AP automation
It’s very easy for financial institutions to offer AP automation and tailor it for various customers. Some of the approaches today include private-label partnerships, assisted private-label partnerships, & referral partnerships. You can read more about these three partnerships here.
The time is now
Your customers are looking for solutions that set them apart and provide value. Being able to offer AP automation and address one of the longest standing pain points in business operations is absolutely key as you aim to maintain, attract, and acquire customers. The time to do something is now, because once other financial institutions join in and begin siphoning your customers away, it will be too late.