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Tana Law (@TanaLaw1) for Payments Source shares the importance of using cloud technology as an accelerator for scaling and growth. While AP has been on the tail end of technology investment, an organization looking to shed its paper glut would do well to examine the benefits of automation alongside its time saving points. Tana shares why: “Integrating a payments solution can be accomplished within a few weeks without burdening IT, and it often pays for itself with the savings from making the whole process electronic and with increased credit card rebates."
To banks courting millennials, look no further than a chatbot. For a generation raised on texts and online chats, a chatbot (or virtual assistance) is the preferred communication method over a live representative. The article expands the trend: “Millennials communicate differently than previous generations. They prefer texting over talking, emojis over words, and talking to Siri or Alexa over talking to a real human. Strange? Depending on who you are."
Yalman Onaran for Bloomberg (@Yalman_Onaran) highlights the end of an era for conglomerate banks with interactive graphics illustrating the downsizing effect globally. Banks casting too wide a net—in terms of products and services—may be the root of the problem, as detailed by Onaran: “Banks have realized that offering all services to as many customers as possible isn't a profitable strategy even in the most developed countries." An upstart of local banks in developing countries and nonbank institutions in developed nations are closing the gap left by big banks.
According to Accounts Payable expert Mary C. Driscoll (@cfo) there is an unmistakable lack of paper processing in high performance departments and in the modern workplace at large. Driscoll shares how CFO's seeking to overhaul their AP department can do so by kicking manually-driven tasks to the curb: “The risk of errors creeping into the workflow is magnified with the amount of manual brute force required to get the job done. Unsurprisingly, the specter of cost-creep in enterprise accounting is hard to abide."
A forecast of what's ahead in technology innovation for the finance industry—brought to you by the Forbes Financial Council (@forbes). Forbes reveals the five trends you should expect, including a growth explosion in the app development sector and the consolidation of brick and mortar business. One thing the article made very clear is that finance professionals must start educating consumers of technology ahead of changes coming to their industry. David Ehrenberg of Early Growth Financial Services says: “We are starting to see more automation in the lower-level accounting functions already, and that's going to really change how everyone in the accounting services industry does business in the next few years."
About the Author
Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industry.Follow on Twitter More Content by Lauren Ruef