Linette Lopez of Business Insider (@businessinsider) shares how innovation in banking hasn't budged much since ATMs were first introduced. Fintechs and other startups are the ones providing banks with new technology, and in exchange, banks are providing the funding that allows fintechs to thrive. This partnership between banks and fintechs has a third beneficiary— the consumer of these value-added features and services.
Lacking inspiration in the day-to-day accounting grind? Direct Capital (@DirectCapital) offers a helpful list of 50 essential accounting blogs to follow. Each entry includes the three recommended reads from each site to get you up to speed. It's a great resource for all things accounts payable with content from experienced accountants, AP professionals, and subject matter experts.
New statistics reported from Hillary Burns (@CBJBurns) of the Charlotte Business Journal (sourced from an NTT Data Survey) show that 46% of consumers surveyed have an account with a fintech provider, yet only 15% of banks “expect to start a modernization effort in the next three years." The findings suggest that unless big upgrades to banks' core legacy systems happen soon, consumers and their dollars will move to services with better mobile and online experiences.
John Rampton (@JohnRampton) of The Huffington Post shares the top trends in business for electronic invoicing. He shares how mobile has become a huge driving factor in this shift: “Having this 24/7 [mobile] access will become a major consideration for people when selecting invoicing software. If the company is not mobile friendly, like featuring an app, customers may move on to a company that does offer such a feature." Rampton also cites other factors that will carry einvoicing into the twenty-first century, such as government initiatives, blockchain technology, and the benefits of automation .
Jack Lynch of Techonomy (@techonomy) covers the importance of staying current with technology to earn employee loyalty and attract top talent to your company. A study by MIT Sloan Management Review and Deloitte conducted in fall of 2015 ranked a company's “digital preparedness" on a scale of one to 10. Here's what they found: “Digitally 'maturing' companies were most likely to receive high ranks for traits such as collaborative work style, distributed leadership, appetite for risk and decision making that is driven by data." The study also found that companies that show little investment in digital growth have higher percentages of VP-level employees and sales staff wishing to leave in under one year of being hired.