The transition from physical cash, check, and card payments to fully digitized payment processes is on the fast-track. That being said, digital transformation is increasingly critical to the future success of financial institutions, but like any other big shift within a company, adopting new business-to-business (B2B) payment solutions can be afflicted with back-office challenges.
But don’t let the fear of striking out keep you from playing the game (that is, taking on a holistic digital transformation).
“Over the next couple of years, we will finally see the majority of payments transactions shift to digital mediums.” Bill Wardwell, VP of strategy at Bottomline Technologies, said in a recent PYMNTS podcast.
When considering a successful digital transformation, it’s important to include these three components to create a great digital account opening experience:
- Connectivity between buyers and suppliers
- Seamless, transparent customer experience
- Robust, reliable privacy and security measures
In order to stay one step ahead of the competition, you need to identify and assess how your financial institution can make B2B payments that are effective and digital-first by considering the following:
Payment Integration in Business Transactions
69 % of organizations have identified poor integration between electronic payments and accounting systems as a major barrier to the adoption of digital payments.
Customers want a solution that delivers a broad set of capabilities in one package from a single provider. By broadening your approach to manage a greater set of payment needs, the opportunity is available to create great technology with great experience.
Research shows that treasury professionals’ top concerns are related to payments fraud, according to Wardell. In an industry where payment security is a number one priority, creating a robust partnership between banks and fintechs can further deflect fraud from causing financial crisis even before it’s even a threat.
So, what’s needed now? A digital-first model is crucial with the majority of payments moving digital. Start your digital transformation today, and get a technology-based solution with payment capabilities to manage invoices, multiple payment types, and payments receivable.
Listen to the full podcast: Solving B2B’s Back-Office (Digital Payments) Challenge for more tips about solving the back office challenges of digitizing B2B payments.
And for more insights into the world of payments, technology, and beyond, subscribe now and stay up-to-date on the latest trends and topics.