Blog / Palette
Banking Industry Challenges in 2020
Big changes are underway in the market for US financial institutions
Banking industry challenges exist on two fronts, both with different approaches. Banks and Fintech are strengthening customer relationships and diversifying the footprint of solutions they offer, maximizing both revenue per client and customer retention.
Banks are looking to leverage treasury management service revenues, attract new customers and maximize customer retention. Banks are also striving to become more agile and competitive with Fintech.
The Search for New Product Solutions
Both banks and Fintech are highly regulated and embracing technology as a way to deliver new product solutions. Where Fintech organizations have grown up on technological advancements, banks have invested in brick and mortar with elaborate back office and IT operations.
Overall, banks have been slower to embrace client-facing technology.
Organizations are digitally transforming their operations by implementing best-in-class technology for the purposes of fraud prevention, improving business processes, compliance and spend management.
Purchase to Pay (P2P) technologies for B2B, B2G and B2C processes bring significant value to supply chain finance initiatives. These processes drive large volumes of dollar transactions that can be the basis for other solutions.
Palette and Project Hosts
Palette and Project Hosts have made available SecureCloud P2P, an ultra-secure white label Purchase to Pay cloud service for banks and financial institutions.
The two companies came together to design and deploy both private and public cloud environments offering unparalleled uptime, infrastructure, security, compliance, and support.
SecureCloud P2P offers banks, financial institutions and Fintech the ability to white label Palette’s solution. Palette enables companies to capture vendor invoice data, process invoices with an approval workflow, automatically match POs, automate purchase requisitions and more.
Solve one of 2020’s most pressing banking industry challenges with a proven solution that is backed by a long track record of success.
Download the whitepaper: SecureCloud P2P – White Label Purchase to Pay Platform for Financial Institutions
See the press release: Yahoo Finance
Visit the solution page & get the complete product guide.