Treasury Services Going Social….and Mobile
While banks appreciate the value of social media in reaching their retail customers, reaching treasury and business clients bring additional challenges. The goals are pretty much the same; build a more interactive relationship, facilitate the flow of ideas between bank and customers and offer an increased range of services and accessibility. However privacy and security issues are a more significant concern to the corporate client. Social media offers significant opportunities in the treasury service sector, however the strategies and service offerings employed for the retail customer must be adapted to suit the corporate client's alternative needs and concerns.
Treasury clients traditionally prefer closed communities where they can have an open dialogue as an extension of traditional changes, aiming to replicate what has been accomplished in person-to-person meetings. Advisory committees/online discussion groups in the social media realm are also a popular request among corporate clients who use social media as a resource to read about current issues and events. The most-valued social media features by treasury customers is the ability to respond to messages without exiting the application and Facebook’s feature of showing which users are currently logged in. Overall, corporate clients favor communications and information to be kept in a non-public forum.
Mobile access is another opportunity which banks are not willing to ignore for treasury clients. Providing flexibility and real time information which corporate clients need, the sector has been slowed in the sector due to concerns over privacy and security. However, many of the new banking apps now promise multi-level security protection hoping that this will be enough to secure customer confidence. Among the banks introducing mobile capabilities for corporate clients are J.P. Morgan with their ACCESSSM Mobile app which delivers account and transaction information for treasury clients and BNY Mellon’s TreasuryEdgeSM mobile app for iPad, both which promote easier cash management.
It is clear that social media and mobile banking solutions are no longer solely for their retail customers. It is important that banks utilize their technologies to act as a gateway for treasury clients and match the ease of cash management which they already provide for their retail base and adapt to offer tailored solutions for thier corporate clients.
No comments:
Post a Comment