The vast majority of corporate finance professionals surveyed recently by Capital One’s Commercial Card Group plan to implement new commercial card tools or services this year.
More than 90% of survey respondents said they planned on doing so, marking a 36% higher adoption rate than reported in a similar survey conducted by Capital One the year prior. Sixty-three percent of respondents said their top consideration when selecting a commercial card provider is finding one that provides for their firms’ needs, combined with an all-in-one intuitive interface that permits management of all payments in a single space. The next most important consideration—15% of respondents—is a program that supports vendor enrollment and card acceptance.
“We are seeing a big jump in demand for commercial card tools among corporate finance professionals in just one year, which demonstrates the demand for more customized and specialized offerings that support our clients’ varied business needs,” said Rick Elliott, head of the Commercial Card Group at Capital One Bank in a press release. “We are working in close partnership with our clients to better understand the daily challenges they face and provide creative solutions for these problems,” he said.
Another finding of the survey is that use of the latest digital tools is increasing. Of those surveyed, 88% said they have access to a commercial card mobile app that allows them to manage and submit travel expenses remotely, which is a 54% increase from 2016. More respondents said they use a single card for procurement and travel and expenses.
For those with companies without a commercial card app, half said the primary barrier to the commercial card app is figuring out their companies’ bring-your-own-device policy, while 50% said their companies’ didn’t want to use a mobile app yet.
– Nicholas Stern, senior editor