How to optimize the relationship with the bank in the era of Fintech
Posted: Sat Dec 21, 2024 4:12 am
The payments sector accounts for more than a third of the total turnover of Fintech companies. New banking models have initially been aimed at the general public. However, innovation in payment systems is increasingly focusing on business-to-business relationships.
This is why treasury departments in companies are increasingly beginning to analyse all the latest developments in this sector.
In the case of small and micro-enterprises, these new actors will be directly alternative partners.
For medium and large companies, it will enable them to accelerate the pace of transformation through new services related to payment chain management.
Given all this, knowing what the drivers of evolution of these services are, as well as their value propositions in the treasury field, will help companies to promote agreements and relationships with their banks.
New payment services: how banks are changing under the Fintech push
The shortage of available french email list money and the contraction of trade following the 2007/2009 financial crisis have had two consequences for the banking sector:
One, the tension in the relationship between banks and their clients.
Another is the emergence of new players, such as neobanks and Fintechs , which have taken advantage of the explosion of the digital economy to revolutionize payment systems.
Many newcomers have thus approached the market by turning their attention to strong commercial offerings aimed primarily at small businesses. Moreover, with the advent of Open Banking , neobanks and fintechs have the opportunity to access bank customer data via APIs to develop their own services. In this way, they are able to promote a different vision of banking services on a large scale.
The rest of the story is yet to be written. However, “the new rules of the game” promise continued development of financial services in general and payment systems in particular.
The treasury department of companies has everything in its favour to come out on top in this situation. Above all, through innovation and the adoption of appropriate technological solutions.
How treasury departments should take advantage of these new services
Through so-called Open Banking and regulations such as PSD2, part of the data of banks' customers is made available to fintechs . In this way, the latter can provide new services to their customers, who are no longer dependent on the banking institutions that manage their respective accounts. For example, a user's various bank accounts can be centralized in a single application.
This independence from their banks paves the way for companies to distinguish between two types of partners:
Banks , or even neobanks, are the only ones authorized by their statutory regime to carry out certain financial operations.
Other actors, banks or Fintech , that may be involved in the payment chain.
In the medium term, corporate treasuries are therefore at the heart of the payment solutions revolution . Corporate treasurers could thus benefit from new real-time services via a personalised, fluid and dematerialised path, involving multiple providers, accessible and configurable in a single interface.
However, there is still a long way to go before the approach of the new services proposed by Fintech companies ceases to be marginal for large companies and begins to be considered and adopted in a privileged manner by them.
This is why treasury departments in companies are increasingly beginning to analyse all the latest developments in this sector.
In the case of small and micro-enterprises, these new actors will be directly alternative partners.
For medium and large companies, it will enable them to accelerate the pace of transformation through new services related to payment chain management.
Given all this, knowing what the drivers of evolution of these services are, as well as their value propositions in the treasury field, will help companies to promote agreements and relationships with their banks.
New payment services: how banks are changing under the Fintech push
The shortage of available french email list money and the contraction of trade following the 2007/2009 financial crisis have had two consequences for the banking sector:
One, the tension in the relationship between banks and their clients.
Another is the emergence of new players, such as neobanks and Fintechs , which have taken advantage of the explosion of the digital economy to revolutionize payment systems.
Many newcomers have thus approached the market by turning their attention to strong commercial offerings aimed primarily at small businesses. Moreover, with the advent of Open Banking , neobanks and fintechs have the opportunity to access bank customer data via APIs to develop their own services. In this way, they are able to promote a different vision of banking services on a large scale.
The rest of the story is yet to be written. However, “the new rules of the game” promise continued development of financial services in general and payment systems in particular.
The treasury department of companies has everything in its favour to come out on top in this situation. Above all, through innovation and the adoption of appropriate technological solutions.
How treasury departments should take advantage of these new services
Through so-called Open Banking and regulations such as PSD2, part of the data of banks' customers is made available to fintechs . In this way, the latter can provide new services to their customers, who are no longer dependent on the banking institutions that manage their respective accounts. For example, a user's various bank accounts can be centralized in a single application.
This independence from their banks paves the way for companies to distinguish between two types of partners:
Banks , or even neobanks, are the only ones authorized by their statutory regime to carry out certain financial operations.
Other actors, banks or Fintech , that may be involved in the payment chain.
In the medium term, corporate treasuries are therefore at the heart of the payment solutions revolution . Corporate treasurers could thus benefit from new real-time services via a personalised, fluid and dematerialised path, involving multiple providers, accessible and configurable in a single interface.
However, there is still a long way to go before the approach of the new services proposed by Fintech companies ceases to be marginal for large companies and begins to be considered and adopted in a privileged manner by them.