More than 90 percent ofindustry professionals plan to adopt new commercial card tools and services in2017
NewYork, (May 30, 2017) – Ninety-one percent of corporate finance professionals plan toimplement new commercial card tools or services in 2017, according to a surveyconducted by Capital One’s Commercial Card Group at the 2017 NAPCP CommercialCard & Payment Conference in Houston, Texas. This adoption rate is 36percent higher than a similar survey found last year, and demonstrates growingdemand among industry professionals for products that simplify and streamlinetheir everyday corporate finance needs.
Sixty-threepercent of respondents said their top consideration when selecting a commercialcard provider is one that services and supports their companies’ unique needswith an all-in-one intuitive interface that allows management of all paymentsin one space. The second most important consideration cited, at 15 percent, isa program that supports vendor enrollment and card acceptance.
“Weare seeing a big jump in demand for commercial card tools among corporatefinance professionals in just one year, which demonstrates the demand for morecustomized and specialized offerings that support our clients’ varied businessneeds,” said Rick Elliott, Head of the Commercial Card Group at Capital OneBank. “We are working in close partnership with our clients to betterunderstand the daily challenges they face and provide creative solutions forthese problems,” Elliott added.
Cardproviders are clearly listening to their clients; 82% of respondents say theircommercial card provider asks questions to better understand pain points and developcreative solutions to solve problems and make their job easier.
Adoptionof cutting-edge digital tools is on the rise. Eighty-eight percent of thosesurveyed have access to a commercial card mobile app that allows them to manageand submit travel expenses remotely, a 54 percent increase from 2016. Surveyrespondents also reported increased adoption of a single card for bothprocurement and travel and expenses. Half of those surveyed reported using suchas card today, compared to 39 percent who said the same last year.
“Asoverall adoption of commercial card technology continues to grow, we arecommitted to embracing the latest digital capabilities that streamline ourclient offerings and provide an efficient and intuitive customer experience,”said Elliott. “With increased ease of use and implementation, these digitaltools are attractive and user-friendly options for our ever-increasinglysophisticated client base.”
Respondentsfrom companies without a commercial card app were evenly split on the cause;50% claimed the primary barrier to the commercial card app is figuring outtheir organization’s “bring your own device” policies, compared to 50%reporting their organization does not want to transition to a mobile app fromthe system currently in place.
CapitalOne Bank’s survey was conducted at the NAPCP Commercial Card & PaymentConference in Houston, Texas on April 10-13, 2017. The survey was developed togauge industry sentiment from 104 professionals across the payments industry oncommercial card use and adoption, use of applications, industry pain points,and plans in the next 12 months.
Capital One Financial Corporation (www.capitalone.com) isa financial holding company whose subsidiaries, which include Capital One,N.A., and Capital One Bank (USA), N.A., had $241.2 billion in deposits and$348.5 billion in total assets as of March 31, 2017. Headquartered in McLean,Virginia, Capital One offers a broad spectrum of financial products andservices consumers, small businesses and commercial clients through a varietyof channels. Capital One, N.A. has branches located primarily in New York,Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia.A Fortune 500 company, Capital One trades on the New York Stock Exchange underthe symbol “COF” and is included in the S&P 100 index.