How Can Banks Generate More Business from Commercial Customers?
Last week, First Data held a webinar titled, “Fixing the Paper Problem” on the value of invoice and payment automation. As expected, the webinar was very insightful and shared some compelling data around how banks can generate more business with invoice and payment automation.
We’re at a point where business customers are starting to demand automation. Manual bill pay is a major issue; processing paper checks is expensive and compliance challenges continue to become more complex. In addition, accessing paper documents in filing cabinets just doesn’t cut it and ultimately increases overhead costs. In order to survive and cut costs, businesses must adopt automation.
Here are some interesting takeaways from the webinar:
- The number one challenge for finance teams is finding or managing paper-based documents
- 29 percent of finance execs are not sure of their cost-per-invoice
- It takes 14 days to process an invoice manually versus three days to automatically process an invoice
- You are over 700 percent more likely to earn early-pay discounts with an automated process – and – the average discount rate is eight percent
How does invoice and payment automation benefit banks?
Banks that offer automated solutions are more attractive to commercial customers because of benefits automation affords businesses, such as:
- Superior control of outgoing cash flow with precise timing
- Ability to handle multiple payment types through one, simple interface
- Option to approve payments from your desktop screen or on-the-go via a mobile app
Automation allows banks to give their commercial customers exactly what they want and need.
Want to know more and missed the webinar? Click here to access a recording of the webinar via First Data.
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