Treasury management, like so many other functions of a business, is moving online and into the cloud. There are also more high-tech treasury management solutions available to corporate finance professionals than ever before. So, how do these executives decide what to use?
A new survey from Capital One’s Treasury Management Group sought to find out. According to researchers, who released the findings of the survey this week, key to finance professionals is a treasury management service provider that focuses on problem solving.
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The majority of finance professionals surveyed by Capital One cited this requirement. But there are other demands as well.
For example, 19 percent of those surveyed said treasury management service providers must be cost-effective, while 15 percent said they must enable live communication.
Capital One’s research examined other patterns among businesses’ treasury management habits. Analysts asked, for instance, why professionals are not adopting mobile banking solutions; more than half of the respondents said challenges with cybersecurity are the biggest deterrent to corporate mobile banking tools.
Examining the cybersecurity matter further, researchers found that 70 percent of those surveyed said an increase in fraud has caused their businesses to adopt additional security measures.
“Corporate finance professionals are demanding more sophisticated digital and mobile capabilities that allow timely and easy access to data,” reflected Head of Treasury Management and Enterprise Payments for Capital One Bank Colleen Taylor in a statement. “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.”
The survey involved 115 finance professionals and was conducted at the Association for Finance Professionals Annual Conference, held in Denver in October of last year.