The financial services industry is changing fast. As an independent treasury strategist, I have seen this shift up close. FinTech solutions, digital banking platforms, real-time payments, and AI financial tools are changing how we handle money. For consumers, the shift is easier to process. It’s more convenient to use digital banking services, so it’s no surprise that 47% of all new accounts in 2023 were with FinTech and digital bank organizations, according to Pymnts Intelligence. But what about businesses? How are they able to make this shift?
Unlike individual consumers, businesses have financial standards, policies and procedures that they must follow. Shifting those payment processing strategies to adapt to digital tools and methods is no easy task. That’s where I come in. As a treasury strategist, I help companies learn how to use these tools and implement them in their financial processes. Guiding companies through this transition is not always easy. There’s much to consider, like managing liquidity, cash flow, and risk. However, some guiding principles help make the process easier.
- Embrace real-time payment financial tools: Real-time payment and financial processing tools are no longer the future. They’re here now, and companies that delay implementing these tools into their payment processing strategies will be left behind. Suppliers and customers are no longer satisfied with delayed payments from outdated processing systems. Embracing FinTech solutions that enable real-time payment processing is the best way to stay competitive.
- Automate compliance: With the shift towards real-time payment processing, staying compliant can be time-consuming for businesses. FinTech solutions that integrate automated compliance and fraud prevention tools are the way forward.
- Keep your data: Tracking your company’s performance using digital tools is critical. You need to see how efficient these tools are and what ROI you get from them. But more importantly, you need to retain the data collected on your business so you have the flexibility and mobility to make changes in the future. When you work with me, you always keep all the data.
My team and I at Richmond Financial Services know how challenging it can be to shift your business to new systems and processes, especially financial ones. We’re here to help make the process easier by providing expert advice to help your team adopt these new tools, embrace more efficient payment processing methods, and lower your overall costs. If you’re ready to make that shift, let’s connect. Book a consultation today! https://www.richmondfs.com/
