A new survey from Ninth Wave found that 85% of finance professionals who lack a direct connection between their bank and ERP/finance systems would switch banks to get this capability.
The research comes as banks face increasing pressure from FinTech competitors across all segments. Corporate banking is experiencing disruption as businesses increasingly expect their corporate systems to be connected to their entire business ecosystem.
"CFOs and treasurers are sending banks a clear message: direct connections are no longer optional," says George Anderson, founder and CEO of Ninth Wave, Inc. "Our open finance platform enables banks to deliver the real-time ERP integration that 85% of finance leaders say they'll switch providers to get. The technology exists today—banks just need to implement it."
Key takeaways:
- Finance teams with a direct bank-to-ERP connection save nearly six hours per week on average, with larger firms reporting even greater time savings.
- 88% of respondents without a connection believe it would be “extremely” or “very” beneficial to have one, with support reaching 95% among C-level executives and VPs.
- Nearly all finance leaders said a direct connection would increase their loyalty with 38% saying it would significantly increase the number of products used from the bank.
- Users of a direct connection reported improved money management (54%), stronger security (53%), and fewer errors (43%) as key results.
- With 85% of finance professionals willing to change banks for direct integration features, banks face considerable risk. However, the opportunity is just as apparent: 99% of respondents stated that such connections would boost their loyalty.
- The findings highlight the urgent need for financial institutions to modernize their digital services.
