At the speed of innovation today, technology companies are regularly introducing new fintech solutions to the market, sometimes at a rate faster than businesses are evolving. Where tech companies often fall short is in the concept of trust, longevity and consistency – that’s just the nature of the tech industry: nothing lasts for long. But this is an area in which banks thrive. The opportunity for banks is to unite those two worlds and deliver innovative solutions while maintaining the trust and rapport businesses have come to expect from their financial partner.
In the banking and fintech landscape, the winners that we see are the ones that simultaneously prioritize relationships and regulatory issues, create long-term partnerships with their clients, and focus on driving innovation to uncover how banking can not only support, but grow businesses.
The goal: to avoid a disjointed operations management experience. The result: streamlined must-have operations so executives can focus on business growth, not just management.
However, many banks and financial institutions are struggling to push innovation initiatives because of the major focus on mergers and acquisitions right now. We are seeing a lot of activity, including the growth and restructuring of fintech companies who are on a mission to diversify their services in this tech-forward world. But many companies need technology to improve their businesses now. To make matters worse, small businesses have historically been underserved with the appropriate tools and technology to improve business functions, as most options are often pricey enterprise-level programs sought from multiple providers that run only the operational side. So what is available to support small and mid-sized businesses that are thirsty for streamlined business operations?
One of the most recent tech tools in the market is redefining how small and mid-sized businesses manage their cashflow. The solution combines everyday business applications into one versatile platform to reduce the friction of managing payables and receivables, invoicing, payroll administration and full account reconcilement.
Here are some other small business benefits to this tool:
- Bundle critical back-office services into a single application
- Streamline and automate invoicing and collecting payments from customers
- Improve cash-flow, forecasting and access to working capital
- Automate tedious bookkeeping tasks
This is an initiative that we are focused on deploying to the marketplace in Q1 2020 for our business banking clients. We are actively addressing the unrealized demand for better tools and is working to ensure that clients can use a complete, holistic and integrated system to streamline their cash flow through CBC’s multipurpose online banking environment.
As CBC continues to roll out new innovative products and solutions for their banking clients, companies and entrepreneurs alike can look forward to an overall improved customer experience when dealing with financial service needs.
Don’t hesitate to contact me at [email protected] to discuss transformative financial solutions to help your business run more effectively.