5 best practices for corporate treasury improvement

As corporate treasurers cope with challenges to provide enhanced experiences to their customers, how can banks provide similar satisfaction to those corporate clients?

The answer lies in a number of key steps, such as simplifying and automating processes, say the authors of a white paper by Fundtech, which provides a line of transaction banking solutions to banks and corporations.

“Fundtech has identified a set of five key ‘best practices’ that contribute to market-leading customer experience. In our view, any bank that adopts and implements these five principles will be well-placed to gain higher revenues and more customers than its competitors—and to do so at lower cost,” say the authors, Sanjay Dalmia, executive vice-president, Global Cash Management and CEO of Fundtech India, and Michael Jackson, Fundtech’s head of Americas, Cash Management.

Their five best practices are summarized here:

1. User experience and personalization—Solutions that offer a simplified user experience and application entitlements should be configured to meet the specific needs of the corporate customer. They should be as quick, simple, and easy as possible to access and view.

2. Channel integration—It is vital that banks’ treasury solutions provide a seamless customer experience using the online banking portal and across channels using mobiles and tablets. This means the information, navigation, and usability experience should be the same across all platforms as on the desktop, with consistent real-time data across channels.

3. Tailoring of products, services, and user experience to specific customer segments—A treasury solution that offers sophisticated segmentation capabilities can provide a tailored customer experience. This capability enables the solution to be adaptable, so it can be used to create different service packages that meet different or evolving needs, and provides customers with a seamless upgrade path that grows with their business and its requirements.

4. Automation of customer on-boarding—Easy and automated customer on-boarding by segment using pre-packaging of services can minimize the turnaround time. Also vital for smooth, seamless on-boarding is integration with multiple up- and down-stream bank processes, including external systems.

5. A continuum of services and upgrades—By providing corporate customers with an intuitive user experience and an environment where they can explore and check out new options and services—in much the same way as they do in a consumer-facing app-store—banks can create opportunities for increased sales.

“Forward-looking banking institutions are providing the solution, in the shape of sophisticated, flexible, and highly automated treasury management solutions offering a consistent, seamless and intuitive customer experience,” the Fundtech authors say.

Download “Getting it Right: Best Practices on How Banks Can Enhance and Optimize End-to-End Customer Experience for Corporate Treasury” [Registration required]