27 09, 2017

Why Financial Institutions Are Banking on Integrated Receivables

2018-04-09T15:44:01+00:00 September 27th, 2017|Blog, Gain Insight Into AR, Make Customers Happy|

Are you behind on your Integrated Receivables Strategy? An integrated receivables hub is needed more than ever to future-proof business and banks are taking notice. But this wasn’t always the case. Three years ago, integrated receivables management was beginning to surface on the radar of banks, but most didn’t take action. According to Celent’s 2014 survey of US large banks, 92% rated integrated receivables (IR) management as most important to their future growth. But according to Treasury Strategies, only 1% fully implemented a solution. Why? Banks accepted the notion of integrated receivables but hesitated because of lack of control and high costs. To add to this, lockbox technology - a great revenue source - was greatly improving at the time. Optical character recognition technology (OCR) eliminated the need for banks to manually keystroke remittance information. This allowed them to seed more accurate data, reduce paper and process remittance information faster. Read More

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