For a growing number of banks, the accelerating demand for integrated receivables solutions, and the operational benefits this technology delivers corporate banking customers, it is no longer something that can simply be added to the road map for future consideration.
According to recent research from the Aite Group, 73% of corporate treasury professionals cite a bank's ability to provide an integrated receivables offering as 'important' or 'extremely important', when selecting a new banking partner. As would be expected, in response to this growing demand, 70% of banks rank integrated receivables technology as a 'high' priority.
Whether offering receivables solutions to corporate banking customers, managing internal banking AR operations, or working with lockbox and other technology partners, banks must continue to innovate and streamline their solutions they bring to market in order to stay competitive—and even take a competitive edge—in the marketplace.
In order to successfully evolve Treasury Management and Accounts Receivables (AR) offerings to support corporate banking customers’ ever-growing needs, banks are being asked to deliver a comprehensive—and increasingly integrated—range of receivables processing services and solutions.
The challenge is that most companies—banks included—have adopted different solutions and services in a siloed, disparate manner over the years, and now struggle to manage multiple platforms and legacy software. The time is now for banks to help corporate banking customers move beyond the limitations of yesterday's receivables processing technologies.
In this episode of "FTNI's True Integrated Receivables Spotlight Series", Bob Van Kirk, CTP, vice president – treasury management, Horicon Bank, joins Zac Robinson, vice president, sales & marketing, FTNI, to discuss how Horicon Bank is transforming its treasury management capabilities, through the addition of truly integrated receivables solutions.
"When we discovered that there was a solution that could provide us with a lockbox solution and also take it a step further and provide integrated receivables, we were excited about that."
"Integrated receivables really is a solution that can provide a benefit [value] to a lot of different companies, large and small, in a lot of different industries."
— BOB VAN KIRK, CTP, VICE PRESIDENT – TREASURY MANAGEMENT, HORICON BANK