Capital One: Finance Professionals Prefer Treasury Management Service Providers Focusing on Problem Solving
When it comes to choosing treasury management service providers, majority of finance professionals prefer those that focus on problem solving.
This is according to a recent survey conducted by Capital One’s Treasury Management Group, which looked at how finance professionals evaluate treasury management services and corporate mobile banking platforms.
Other factors that finance professionals consider when looking for a service provider are cost effectiveness (19 percent) and regular, live communication (15 percent).
When asked about what prevents them from adopting a corporate mobile banking platform, 53 percent of the 115 respondents cited cyber security challenges.
The survey also found that 70 percent of study participants work for companies that have adopted additional security measures in view of the recent increase in fraud cases.
The study, conducted at the Association for Financial Professionals (AFP) Annual Conference in Denver, Colorado in October 2015, also found that 63 percent of respondents own a commercial card for managing accounts payable processing, up from 59 percent in the previous surveys.
Sixty-three percent of respondents also have a corporate mobility policy that enables remote access to mission-critical information.
Colleen Taylor, Head of Treasury Management and Enterprise Payments at Capital One Bank, commented, “Corporate finance professionals are demanding more sophisticated digital and mobile capabilities that allow timely and easy access to data. As a service provider in this space, we know it’s absolutely critical to identify the unique challenges that keep our clients up at night, both difficult tasks and everyday inefficiencies, and work with them to solve those problems.”