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  • user 3:35 am on March 6, 2018 Permalink | Reply
    Tags: , , , market, , ,   

    Top 5 trends shaping the expense management market 

    Three years ago, SAP’s acquisition of software provider Concur sent shockwaves through the expense management industry. Its impact continues to shape the evolution of the today. The pairing of Concur, already the expense management market share leader, with SAP, one of the largest ERP software providers in the world, sent a clear message to the rest of the market: significant advancements and changes would be required to keep pace with the market leader. As a result, competing providers have responded with a flurry of product enhancements and strategic partnerships.

    As shown in Figure 1, some of the major players in the expense management market have moved quickly to leverage new, customer experience-enhancing . They have pursued partnerships with complementary providers to compete with the massive scale achieved by SAP and Concur together. Perhaps most notably, Certify united with a number of leading expense management specialist providers in the past year to broaden its offering and emerge as a formidable challenger.

    Figure 1. Expense Management Market Activity Timeline
    Click to view larger
    Source: Public announcements, company websites and Accenture research

    Five key

    Based on this recent activity, five key trends appear to be driving the future direction of the market:

    1. Market Consolidation: Merger and partnership activity is likely to continue as providers try to close the gap on market share leader, Concur.
    2. Expense and Booking Convergence: Integration between expense management and travel booking tools is becoming more common and creating a more streamlined process.
    3. Virtual Card Integration: Virtual card issuers are continuing to develop points of integration for payments with booking and expense management solutions.
    4. Automation and Machine Learning: Providers are exploring new ways to leverage smart technologies, such as OCR, chatbots, and geolocation, to automate the expense management process.
    5. Real-Time Expenses: As transaction data is loaded to expense management solutions at the time of sale, approvals and reimbursements are being handled in real-time, rather than in expense report groupings.

    Implications for commercial card issuers

    While many of the potential market changes will be driven by expense management software providers, commercial card issuers will also feel the impact of the evolving market. For them, the implications of the key expense management trends may include:

    • Rising demand for virtual cards used for travel
    • Significant opportunity for booking tool integration
    • Increased bank investment in travel card programs
    • Higher end-user expectations for user-friendly interfaces and functionality
    • Increased competition among issuers for partnerships
    • Customer emphasis on travel-friendly mobile payment functionality

    As the market continues to evolve, the coming years will reveal what roles providers and commercial card issuers will play in the future expense management landscape.

    To see how consumer interest in expense management services vary by age groups, read our recent report: Driving the Future of Payments: 10 Mega Trends

    The post Top 5 trends shaping the expense management market appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:19 am on February 20, 2018 Permalink | Reply
    Tags: Chilean, , , , Magma, market, , Tapping,   

    How VC Firm Magma Partners is Tapping Into the Untapped Chilean Fintech Market 

    EXCLUSIVE &; With government-backed initiatives and a finite business of copper export, Nathan Lustig, co-founder and managing partner at , saw huge potential in the . Lustig points out that only 30% of Chileans have credit cards, while only 50% have bank accounts, “and that’s the more advanced population,” he said. Additionally, [&;]
    Bank Innovation

     
  • user 3:35 pm on January 18, 2018 Permalink | Reply
    Tags: , , , market, , ,   

    Top 5 trends shaping the expense management market 

    Three years ago, SAP’s acquisition of software provider Concur sent shockwaves through the expense management industry. Its impact continues to shape the evolution of the today. The pairing of Concur, already the expense management market share leader, with SAP, one of the largest ERP software providers in the world, sent a clear message to the rest of the market: significant advancements and changes would be required to keep pace with the market leader. As a result, competing providers have responded with a flurry of product enhancements and strategic partnerships.

    As shown in Figure 1, some of the major players in the expense management market have moved quickly to leverage new, customer experience-enhancing . They have pursued partnerships with complementary providers to compete with the massive scale achieved by SAP and Concur together. Perhaps most notably, Certify united with a number of leading expense management specialist providers in the past year to broaden its offering and emerge as a formidable challenger.

    Figure 1. Expense Management Market Activity Timeline
    Click to view larger
    Source: Public announcements, company websites and Accenture research

    Five key

    Based on this recent activity, five key trends appear to be driving the future direction of the market:

    1. Market Consolidation: Merger and partnership activity is likely to continue as providers try to close the gap on market share leader, Concur.
    2. Expense and Booking Convergence: Integration between expense management and travel booking tools is becoming more common and creating a more streamlined process.
    3. Virtual Card Integration: Virtual card issuers are continuing to develop points of integration for payments with booking and expense management solutions.
    4. Automation and Machine Learning: Providers are exploring new ways to leverage smart technologies, such as OCR, chatbots, and geolocation, to automate the expense management process.
    5. Real-Time Expenses: As transaction data is loaded to expense management solutions at the time of sale, approvals and reimbursements are being handled in real-time, rather than in expense report groupings.

    Implications for commercial card issuers

    While many of the potential market changes will be driven by expense management software providers, commercial card issuers will also feel the impact of the evolving market. For them, the implications of the key expense management trends may include:

    • Rising demand for virtual cards used for travel
    • Significant opportunity for booking tool integration
    • Increased bank investment in travel card programs
    • Higher end-user expectations for user-friendly interfaces and functionality
    • Increased competition among issuers for partnerships
    • Customer emphasis on travel-friendly mobile payment functionality

    As the market continues to evolve, the coming years will reveal what roles providers and commercial card issuers will play in the future expense management landscape.

    To see how consumer interest in expense management services vary by age groups, read our recent report: Driving the Future of Payments: 10 Mega Trends

    The post Top 5 trends shaping the expense management market appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 pm on December 6, 2017 Permalink | Reply
    Tags: , , , , , , , , market, , , Sides’   

    Bitcoin Futures Allow Investors to Play ‘Both Sides’ of the Market, Ally Invest Says 

    EXCLUSIVE— are the perfect medium for curious about , as they customers to sides” of the , Rich Hagen, president of , told Bank Innovation. “What’s interesting about bitcoin futures is that you’ll have the ability to take both sides of bitcoin—it’s a two-sided market, you can go long [&;]
    Bank Innovation

     
  • user 12:18 am on November 25, 2017 Permalink | Reply
    Tags: , , , market, ,   

    Dream Payments Is Gearing Up for U.S. Market Expansion 

    EXCLUSIVE &; Cloud-based payment processing platform,  is marshaling forces for a major U.S. launch next month. The payments platform, which has been live in Canada since 2016, will go live with one of its payment solution products in mid-December, CEO Brent Ho-Young told Bank Innovation. The solution is Dream Payments&; point of sale product, [&;]
    Bank Innovation

     
  • user 12:18 pm on September 22, 2017 Permalink | Reply
    Tags: , , , market,   

    The Rise of Alternative Data in the Lending Market 

    EXCLUSIVE &;  There were conflicting views on the importance of the FICO score at the PayThink Conference in Phoenix this week. While only some professionals were bold enough to say the standardized credit scoring has become marginalized, others maintained that it was here to stay. However, all agreed on the increasing potential of . For [&;]
    Bank Innovation

     
  • user 12:18 pm on August 24, 2017 Permalink | Reply
    Tags: Douugh, , , , market, ,   

    New Financial Wellness App Douugh Hits the Market 

    EXCLUSIVE &; Add another app to the list, millennials.  , a company that uses artificial intelligence (AI)-based to provide financial guidance, launches today. The AI-based platform is guided by Sophie, a 24/7 personal assistant for finances. “Sophie is not an – advisor,&;  Andy Taylor, CEO of Douugh told Bank Innovation. “Think of [&;]
    Bank Innovation

     
  • user 12:18 pm on March 29, 2017 Permalink | Reply
    Tags: , , , market, ,   

    Square Enters Its First European Market: U.K. 

    has finally arrived in Europe. The payments company has just expanded its services to the United Kingdom, according to a statement released today. The U.K. became the fifth where Square’s services are now available, in addition to the U.S., Canada, Japan, and Australia. Square’s U.K. launch was held in a Soho bar in [&;]
    Bank Innovation

     
  • user 12:18 am on February 25, 2017 Permalink | Reply
    Tags: , market,   

    New PFM App Hip Money Comes to Market 

    In the long list of startup finalists competing at South by Southwest 2017 hides a brand new personal finance management app. Hip – a new app by Hip Pocket – adapts the millennial habit of “swiping” to help them save and pay down debt through a mobile app. Nebraska-based softwareRead More
    Bank Innovation

     
  • user 12:18 pm on November 23, 2016 Permalink | Reply
    Tags: , Credify, , market, , , Story, Tell   

    What Does The Credify Story Tell Us About Market Place Lending And $LC Stock? 

    This broke on Wednesday 15 November.  The story is that the founder of Club, Renaud Leplanche, who was ousted in a scandal in May was creating a new venture to compete with Lending Club called . Headlines talked 2nd Act or Comeback. The story came out inRead More
    Bank Innovation

     
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