U.S. Bank first announced the launch of a low-cost branded solution in 2010 to automate travel expense management at mid-sized businesses proved effective for Minneapolis-headquartered U.S. Bank.
Customers liked it, and then they wanted more. In 2012 U.S. Bank responded by beginning a series of discussion of how to offer the “more,” business customers were looking for.
“Our branded offering, U.S. Bank Expense Management, is designed as a streamlined solution with baseline capabilities,” explains Mary Miklethun, travel program product manager for the bank to Bank Systems and Technology. “But some customers started asking for features and functionality that extended beyond the baseline.”
Another branded solution seemed unfeasible, and building in house feel too far outside the companies wheelhouse. So their first innovation was partnering with a software provider.
“It was common for solution providers to partner with multiple banks,” Miklethun says. “We decided to flip the paradigm on its head by saying it made sense for our bank to partner with multiple providers.”
After an evaluation process, the bank selected Concur and Chrome River Technologies.
So far the biggest challenge the company has faced is low adoption rates, at present time only 1/3 of clients are using theautomated expense management tools. However, revenues are on the rise and in line with industry norms.