8th September 2020 – One in three business leaders said data security is a top concern, with 21 percent citing secure authentication and payment authorization as must-have features of their treasury management platform, according to a new survey by Citizens Commercial Banking.

For reasons that include disruption caused by the pandemic, survey respondents said they are spending more time using their treasury platforms, with the number of users on those systems 30 hours or more per week increasing 12 percent from a similar survey conducted last year. Nearly half said they want their time using the software to be more productive and 22 percent said they would like to have more self-service capabilities to increase efficiency.

“Business leaders are working from home more due to the pandemic and it is exposing some technology gaps that their systems may have had,” said Mike Cummins, Head of Treasury Solutions at Citizens Bank. “They are very concerned about data security and they want self-service capabilities so they can customize their systems to fit their routines and work more efficiently.”

Other key findings of the survey include:

• Work-life balance has become increasingly important in the last year. Sixty-four percent of respondents said if they could get back any “wasted” time during the week, they would spend it on enjoying a better work-life balance, compared to just 40 percent in the 2019 survey.
• The majority (87 percent) of respondents are satisfied with their Accounts Payable payment options, with most utilizing wire transfer (64 percent), paper checks (59 percent), ACH (51 percent) and cash (43 percent).
• The majority (88 percent) of respondents are also satisfied with their Accounts Receivables payment options with most utilizing wire transfer (69 percent), paper checks (61 percent), ACH (51 percent) and cash (51 percent).

The survey of 252 corporate decision-makers sampled a range of businesses in different sectors with annual revenue of $1 million to $25 million (32 percent); $25 million to $100 million (18 percent); and more than $100 million (50 percent). It was conducted in June 2020.

Citizens is a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

For more information about Citizens Commercial Banking or the accessOPTIMA® treasury management platform, please visit the Citizens Commercial Banking website.