EBPP for Commercial Clients—How Banks Can Defend Their Turf

Treasury services is a complex labyrinth of needs that goes way beyond just having good rates and available credit. Banks that are successful in the space have great talent in their relationship managers and excellent financial products to meet their clients’ complex needs. They also have the products and services to help their clients manage the money coming in, going out, and maximizing their working capital in between. It’s already extremely complex and is becoming more and more complicated by the introduction of FinTech players that sell services directly to the market. At first, they started to disintermediate the banks on the periphery with services aimed at very specific segments, such as accounting software packages, point-of-sale terminals, bill payment services, etc. However, FinTechs have now begun to move more directly into the core aspects of the relationship with lending services and access to capital. What can banks do to defend their turf? The answer is in partnerships! 

Looking at your portfolio of products and services is a great place to start. When you think about the portfolio, having best-in-class technology vendors (you can think of us as the “good” FinTech) is a key to defending the business. Just having the "check the box" offering instead of best-in-class is how many banks find themselves significantly behind in their digital pay offering. Make sure you're staying up to date with the space, especially since technology started advancing at a relatively quick rate about 10 years ago. 

An area that we have a particular focus on at Alacriti is our EBPP solution, Orbipay EBPP. The solution gives your treasury customers a best-in-class bill payment system to not only send bill information out to their customers but accept payments back through all of the modern payment options that consumers have grown to expect. 

Having a comprehensive bill payment solution in the treasury sales toolbelt helps to ensure the commercial clients are kept happy and satisfied—and most importantly IN your product portfolio. This is versus your business client’s going out to the FinTech market to replace that part of the puzzle, which puts the core lending relationship closer to “at risk.” Having a great bill payment solution isn’t the only piece of that complex puzzle, but it’s one that has more visibility than most people realize.

Read Busting 5 Common EBPP Myths for a better understanding of EBPP.

Alacriti’s Orbipay EBPP is a customizable electronic billing and payments solution for businesses and financial institutions of all sizes. Ella is an AI-powered chatbot that facilitates seamless, personalized, and context-aware interactions between you and your customers through messaging apps, intelligent personal assistants, and directly on your website. For more information, please contact us at info@alacriti.com.