Creating the Consumer CX for the B2B World
Long gone are the days when consumers had to walk into a bank branch to conduct their financial business. With bank apps in our back pockets, we’ve blocked out the days of writing checks or looking for cash to split dinner bills. Today, with applications like Zelle, features like mobile deposit and other mobile banking capabilities, banks have brought ease, convenience and peace of mind to their consumer customers with engaging, safe and easy-to-use interfaces.
But the same cannot be said for banks’ business customers. From a consumer perspective, by the end of 2019, the use of digital wallets will have increased 30 percent since 20171, and mobile apps and digital currencies will become the most popular e-commerce payment method worldwide2. Businesses, however, are still clinging to checks. According to an Association for Financial Professionals study, 51 percent of businesses use paper checks to pay other businesses. More than 17.5 billion checks that flow each year either to or from a business. 5
Not only are they using antiquated processes for payments, but frequently, businesses are also using inefficient procedures for payment receipt. Generally, remittance advice flows separately from the payment, requiring manual reconciliation and delaying the ability to post and recognize the payment.
This is a stark contrast from our personal lives--where making and receiving payments has become one-click easy. This dichotomy between our personal and work environment creates friction and slows productivity. And with Gen Z now entering the workforce (who overwhelmingly rank technological sophistication as directly impacting their decision to work for a company), it is critical that we find ways to evolve the back office of businesses.4
The good news is that with the advent of faster payments, APIs, AI, machine learning, and other advancements, there are technologies banks can leverage today to provide a streamlined and efficient experience for businesses, just as they have done for the consumer market.
But how can banks provide that compelling, intuitive, “Siri-make-this-payment” ease of experience for the back office?
That’s what a panel of experts will explore at this year’s Money20/20 event, taking place October 27-30, at the Venetian Sands Expo in Las Vegas. Bora Chung, SVP of Product at Bill.com, will join Chris Noe, Head of Treasury Management Product Innovation and Partnerships at Wells Fargo, and Ginger Siegel, North America Small Business Lead for Mastercard, to discuss how they’ve embraced the concept of building consumer-like products, with easy-to-use interfaces, for the B2B market.
This panel of experts will discuss how new B2B products address the “human” in businesses, all the while employing AI, machine learning, and creating seamless ecosystems of tools and insights to help their clients do business better. Wonder how the financial institutions of today use these tools to develop products to support the future back office of their business clients? Interested in learning about the fintechs, solution providers and technologies supporting banks in their quest to provide the best UX, CX, and services for the modern business? The panel will share insights from their own experiences that banks can use to inform how they shape development of the business solutions of the future.
Join us at Money20/20 and learn more from Bora, Chris and Ginger on the newest B2B applications and the secrets to building them successfully. Get real-world advice for your bank and technology partners on leveraging customer perspectives, UI and UX to create the optimal products and experiences your business customers want.
And come meet the Bill.com Bank Team!
We will be scouring the Sands Expo in Las Vegas to learn about the latest trends in business payments innovation and to meet up with leading banks on how we can partner to bring the best in back office automation to their clients.
Excited to meet with us? We will be hosting a private conference room at Money 20/20. Schedule your meeting today. Fill out the form to schedule a time for us to connect during this year’s event.
Learn more about all of our other sessions at Money 20/20 and what we will be up to by visiting: https://cashflow.bill.com/Money2020_19.
1 2018 Global Payments Report: The Digital Wallet Opportunity Across the World. Braintree.
2 Information Economy Report 2017: Digitalization, Trade and Development. United Nations.
3 2016 AFP Electronic Payments Survey.
5 Federal Reserve Payment System Data report 2016 https://www.federalreserve.gov/paymentsystems/files/frps_2016_data_accessible.pdf