Digital Innovation: Banking On Your Banker’s Expertise
From connecting you with the latest fintech tools to helping you develop a comprehensive digital strategy, your banker is a key innovation partner.
If your head is spinning in an attempt to keep up with rapid advances in the fintech space, you’re not alone. Determining which technologies you need to remain competitive—and which ones integrate well with your platforms—is even more dizzying. With startups introducing new tools seemingly by the minute, where should a finance leader turn for guidance?
The answer might be surprising: your banker. Today’s bankers are trained to know technology and connect clients to the right electronic solutions. If you’re not consulting your banker about which technologies can give you a competitive edge, you may be overlooking a key resource.
The expertise you’re looking for isn’t just about knowing what’s on the innovation landscape. Because no two businesses are the same, finding tech solutions with the biggest bottom-line benefit requires a custom approach.
Today’s bankers work hand in hand with finance officers and business leaders to understand a client’s goals, day-to-day operations and competitive landscape. With great rigor, they analyze operational efficiencies, discuss working capital needs and dig into IT capabilities. In this way, they can act as valued collaborators in the search for fintech solutions that integrate easily within client platforms.
With the aid of artificial intelligence and machine learning, your banker can deliver even deeper insights. Using client and banking data, bankers can analyze cash flows in your business or learn which processes would benefit most from automation. These insights help you pinpoint the right solution or combination of solutions to, say, free up working capital or shorten your cash management cycle.
Strategic partnerships between banks and fintechs put more solutions in play. When our bankers identify an unmet client need, the firm has three paths forward: We can build digital solutions ourselves, buy new technologies or partner with a fintech company—all with the goal of creating innovative products that drive businesses forward. For example, the firm partnered with fintech leader Bill.com to build Chase Cashflow360SM, which helps clients eliminate paper from the back office and streamline invoicing and payments.
Trained in Innovation
In-depth tech training programs are the norm at many banks. The firm’s bankers receive hands-on instruction on the latest tools and technologies, so they can serve as on-the-ground resources for clients. They also learn how to effectively partner with treasury management officers on implementation. Continual tech training for our bankers is part of the $11 billion the firm invests annually in innovation and technology.
Ultimately, your banker’s goal isn’t to guide you to specific technologies, but to be your trusted resource. Whether we’re walking you through solutions for isolated problems or helping create a cohesive IT strategy for your financial ecosystem, we’re here to help with whatever you need.