Isabel survey - the future of multibanking
Mobile banking is becoming a must but liquidity remains a spearhead of financial policy
Everyone knows the financial world is facing some major changes. Partly driven by new regulations such as the European PSD2 directive, new fintech companies are growing like mushrooms and account and payment information is becoming accessible to all kinds of Third Party Providers. With more than 50,000 clients, Isabel is well placed to keep the finger on the pulse of what is going on in financial departments. In July 2019, Isabel conducted an online survey to ask clients about their vision of Isabel and the future of online multi-banking. And this is precisely the area in which Isabel, founded in 1995, can call itself a fintech pioneer avant-la-lettre. 305 companies actively participated in the survey and revealed some clear trends. Access to real-time account information may be the big hype today, but it turns out that when you read between the lines companies mostly want to retain control over their financial situation.
Liquidity management: first care
The management of cash or liquidity remains an absolute priority for SMEs and big companies: as many as 85% of respondents indicate that this is important to very important and that they also expect this in their electronic banking application.
Companies want an overall picture of their global cash position first and foremost
Patrick Dalle, Product Marketing Manager Multibanking at Isabel Group: “Companies often have bank accounts with different banks. This survey shows how important it is for companies to have an overall view of their global cash position. This is logical because if you have to decide at some point whether or not to pay a big invoice today, you prefer to do this from one clear financial dashboard on which you can immediately see the status of all your accounts.”
itsme: forging ahead
In other words, ‘mobile’ turns out to be more than just a buzzword: 66% of companies indicate that they also want to use their mobile devices for banking.
66% of companies want to use their mobile devices for banking
However, user-friendliness is essential in this: they don’t want to have to take both a smartphone and card reader or other hardware token everywhere they go. It is noticeable how often itsme® is spontaneously mentioned as the easiest way to log on to a mobile device. “This is probably because itsme® is already offered as an option in eGov applications as well as at various banks. Our latest multibanking application Seven will also have itsme® as an authentication method”, adds Patrick Dalle.
The efficient generation of financial reports is also mentioned in the survey as a priority in financial applications. 84% of respondents agree or strongly agree, probably thanks to increasingly complex legislation that puts compliance at the top of the financial management’s agenda.
84% consider efficient generation of financial reports a must
The survey shows that, when generating reports, a long history of transactions is expected without having to go to the bank every time.
Over the coming months, we will see important shifts in the market. It will become increasingly common to see up-to-date account information within an accounting and ERP application. 71% of respondents of the Isabel survey consider connectivity between online banking and other applications to be a must.
71% consider connectivity between online banking and accounting/ERP application a must
Patrick Dalle: “This opens other opportunities for Isabel to meet other expectations. Business Finance Management is no longer just for large companies. SMEs also need a tool that enables them to implement an integrated proactive liquidity policy. This is the expectation we will meet in the course of 2020 with our new multibanking solution, Seven, the first version of which will be launched at the end of 2019.”