North American corporates still baulk at embracing digital
A Capital One survey finds that most companies haven’t yet adopted digital tools to allow remote access to travel expenses.
A Capital One survey finds that most companies haven’t yet adopted digital tools to allow remote access to travel expenses.
More than half (55%) of US and Canadian corporate finance professionals plan to implement new commercial card tools or services this year, according to a survey from Capital One’s commercial card group.
However, adoption of cutting-edge digital tools is far from universal; two in three of those surveyed don’t have access to a commercial card app that would allow them to manage and submit travel expenses remotely.
Of this group, 47% are still figuring out their “bring your own devices” (BYOD) policies, while 32% don’t want to disrupt their current system and 21% regard the technology behind remote access as too cumbersome.
Capital One’s survey is based on responses from 116 treasury management and payments professionals from this year’s National Association of Purchasing Card Professionals (NAPCP) Annual Convention on treasury and finance, held in Tampa, Florida during April.
Among the other survey findings:
• Forty-six per cent of respondents said their top consideration when selecting a commercial card provider is choosing one that services and supports their company’s unique needs.
• Only 16% cited the provider’s impact on their bottom line as a top consideration when selecting a commercial card.
• Forty-six per cent prefer a web application rather than a mobile device to submit expenses, compared to 28% who regularly use a mobile app.
• Corporate cards are most commonly used for procurement; half of those surveyed use a procurement card versus 36% of respondents who reported using a travel and expense card and 14% who use a virtual card.
“Corporate finance professionals want more tailored and specialised services and support to meet their unique needs as they implement new tools,” said Colleen Taylor, head of treasury management and enterprise payments at Capital One Bank. “Understanding our client’s specific challenges is essential as we partner with them to solve the inefficiencies and problems their businesses face.”
“While overall adoption of commercial card technology continues to grow, only a small minority of companies have already embraced the latest digital capabilities,” added colleague Rick Elliott, head of the bank’s commercial card group
“These digital tools are increasingly effective, easy to implement and easy to use, making them attractive options for an ever-expanding set of clients.”