Why Traditional BillPay Is Dead and the Impact of Never Changing
I was just reading this article on CBInsight.com which discussed banks and the outcome of never changing. In any industry or business environment (even at home), there is someone who says ‘but we have always done it this way’. Sure, it works. But what if it could be better?
I couldn’t help but make the association with traditional billpay and the solutions that banks offer to their commercial clients. Offering business billpay has been the norm and yes ‘banks have always done it this way’ but again, could it be better? Could you be offering new, better, different solutions to clients that will not only solve problems for them but increase their usage and drive more revenue for your bank?
The answer is yes. And if you are in the opposing ‘we have always done it this way’ group, give me a few minutes of your time to try and change your mind.
The Business Case for a New Way
As they grow, middle market clients are looking for efficiency in their business operations. In addition, they seek to optimize cash flow in their AP spend.
Your bank can help by,
- Providing a solution to improve efficiencies within everyday Accounts Payable (AP)
- Enable them to move more AP spend to business and commercial credit cards
AP is manual ad hoc, paper-based, poorly controlled, and it often does not even occur to businesses to speak with their banking partners about solutions to bring efficiency and security to everyday vendor payments. Enterprise solutions that drive card spend don’t work: they are not integrated into the AP workflow, are difficult to implement, and complicated to use.
Offering an accounts payable automation product to your commercial clients provides a solution to resolve these two large issues while driving revenue to your bank.
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