“The pandemic has pushed banks to recast their innovation goals to the present day, meaning they have to start asking ‘what tangible efforts will have a big impact on my client experience right now?'” says Lisa Shields, founder and CEO of FISPAN. She tells PYMNTS how COVID’s forced digitization has put FISPAN in the position to help businesses transform the way they consume banking products.
The global pandemic has catapulted ERP banking from an innovation initiative to a mission-critical service. Businesses suddenly need to eliminate manual and paper-based processes and are looking to their banks for help implementing digital solutions quickly. Processes that just didn’t make sense in this new climate (such as physically walking into a bank branch to submit business data or sending and receiving paper checks from their headquarters) happen to be the exact processes that ERP banking can automate.
Several of our bank clients had been working with us to meet their long-term innovation goals, but no one foresaw how fast this would have to happen. FISPAN’s one core change was to pause the “selling” of treasury service innovation to banks, and instead focus on the end customer ERP banking experience. This involved joint initiatives with our bank clients, spanning all departments from sales and marketing to operations and customer support.
The pandemic has pushed banks to recast their innovation goals to the present day, meaning they have to start asking “what tangible efforts will have a big impact on my client experience right now?” The fact that embedded banking has suddenly become ubiquitous means that FISPAN is now in the position to bring about real change in how businesses consume banking products. The banks that have already partnered with us are beginning to better understand how their customers use their products in context, allowing them to turn their innovation models inside out. The other cool thing is that our bank clients are watching the goals they had planned to come to fruition over several years, happening right now.