Capital One Finds Majority Plan to Implement New Commercial Card Tools, Services in 2016
Tuesday, June 21, 2016
Most companies have not yet adopted digital tools to allow remote access to travel expenses.
New York (June 14, 2016) – More than half (55 percent) of corporate finance professionals plan to implement new commercial card tools or services in 2016, according to a survey conducted by Capital One’s Commercial Card Group at the recent NAPCP Commercial Card & Payment Conference in Tampa, Florida.
Ease of use and effective support were cited as key factors by those who expect to implement a new card tool in 2016; 46 percent said their top consideration when selecting a commercial card provider is choosing one that services and supports their companies’ unique needs. Only 16 percent of respondents cited the provider’s impact on their bottom line as a top consideration when selecting a commercial card.
“Corporate finance professionals want more tailored and specialized services and support to meet their unique needs as they implement new tools,” said Colleen Taylor, Head of Treasury Management and Enterprise Payments at Capital One Bank. “Understanding our client’s specific challenges is essential as we partner with them to solve the inefficiencies and problems their businesses face.”
Adoption of cutting-edge digital tools is far from universal; most (66 percent) of those surveyed do not have access to a commercial card app that would allow them to manage and submit travel expenses remotely. Of this group, nearly half (47 percent) are still figuring out their “bring your own devices” (BYOD) policies, while 32 percent do not want to disrupt their current system and 21 percent believe the technology behind remote access is too cumbersome.
“While overall adoption of commercial card technology continues to grow, only a small minority of companies have already embraced the latest digital capabilities,” said Rick Elliott, Head of the Commercial Card Group at Capital One Bank. “These digital tools are increasingly effective, easy to implement, and easy to use, making them attractive options for an ever-expanding set of clients.”
For those with remote access, web-based tools remain more popular than mobile access – 46 percent prefer a web application rather than a mobile device to submit expenses, compared to 28 percent who regularly use a mobile app.
Corporate cards are most commonly used for procurement; fifty percent of those surveyed use a Procurement Card, compared to 36% of respondents who reported using a Travel & Expense Card and 14% who use a Virtual Card.
Note to Editors
Capital One Bank’s survey was conducted at the NAPCP Commercial Card & Payment Conference in Tampa, Florida on April 11-14, 2016. The survey was developed to gauge industry sentiment from 116 professionals across the payments industry on commercial card use and adoption, use of applications, industry pain points, and plans in the next 12 months.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $221.8 billion in deposits and $330.3 billion in total assets as of March 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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