Excellence in Accounts Receivable Services Becomes a Must Have for Banks
The repercussions of COVID-19 have catapulted working capital optimization to the top of the priority list at banks’ commercial customers. As paper processes screeched to a halt and the migration to work-for-home protracted the cash conversion cycle, the inefficiencies across accounts payable (AP) and receivable (AR) became glaringly evident.Banks that can remove these inefficiencies and power straight-through-processing stand to gain a sustainable competitive lead.AR as well as AP services are strong customer retention as well as expansion drivers because these services are embedded in clients’ critical financial workflows.
“Many banks need to reimagine their treasury services and become an integral part of their customers’ workflows or be bypassed,” Bob Meara, Senior Analyst.
“Transformation requires the fortitude to invest in new businesses based on assumptions about the future rather than the facts of the past,” Alenka Grealish, Senior Analyst.
To seize this opportunity, we encourage you to read:
In this report, we examine the pain points along the accounts receivable value chain and profile third party providers alleviating the pain by digitizing processes with a variety of technologies from the basic intelligent character recognition (ICR) to robotic process automation (RPA) and advanced artificial intelligence (AI). We examine the evolution of providers’ competitive advantage from physical footprint and traditional economies of scale to scale advantage based on data and analytics. We discuss the importance for banks of harnessing these new technologies and differentiating themselves.
In this report, we rigorously compare 14 solutions from 13 vendors using Celent's ABCD Vendor View methodology.
Figure 1:Solutions Fit into One of Three Categories Spanning Widely Ranging Functional Scope