Improved customer services can lead to improved operational efficiency, lower costs and higher-speed processing, according to a white paper by Fundtech.
The paper, titled Getting it Right: Best Practices on how Banks can Enhance and Optimise End-to-End Customer Experience for Corporate Treasury, highlighted the importance of the customer experience in the corporate treasury environment. It outlined five principles of better practice for the treasury industry.
According to the white paper, companies should focus on the user experience and personalised service. They should also be able to provide channel integration, offering the same experience across all data channels, tailored to devices such as tablets and smartphones.
Products should be tailored for specific customer segments, based not only on size and geographical location, but also on industry sector, creating packages based on customers’ needs. As well as offering an improved service, this would lead to clearer branding for the corporate treasury.
The white paper also recommended automation of customer onboarding as a quick, easy and cost-effective service, and suggested that services should be regularly updated, changing with the evolving needs of the client, and offering optional extras to meet specific needs.
Authors of the paper, Sanjay Dalmia and Michael Jackson, also focused on the impact of the corporate employees within the industry, who increasingly bring their experiences as consumers in to the workspace.
Alongside changes in technology and demanding stakeholders, the industry is also facing a squeeze on specialist employees. By creating modern, flexible and automated systems, processes will be simplified and employees more engaged and therefore more productive.
Dalmia, executive vice president of global cash management at Fundtech, said: “Today’s corporate treasuries need technology that addresses the challenges that they face and they are turning to their banks for help.”
“Forward-looking banks are providing sophisticated, flexible, and highly automated treasury management solutions that offer a consistent, seamless and intuitive customer experience.”
The paper stated that as treasurers reconcile conflicting challenges, banking providers are offering single solutions that are integrated along the whole value chain, to benefit companies and clients alike.
Jackson, head of cash management for the Americas at Fundtech, said: “By ensuring that their solutions apply the best practices in customer experience, banks will put themselves in the forefront of the new generation of corporate treasury management solutions.”
“Banks that take this step will position themselves as the leaders of the industry for years to come, and will reap the benefits of higher revenues, margins and market share.”
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