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Many financial institutions FIs are a bit behind when it comes to providing corporate clients with the same seamless, digital experiences they provide for consumers.Whether it is delays caused by the onboarding process for new clients or the ability to incorporate payments and invoicing capabiliti
stanley kubek es into the legacy enterprise resource planning ERP systems of current partners, FIs are struggling to adopt the technologies needed to keep up with the digital transformations of many of the worlds businesses.But approximately two-thirds of FIs are very or extre
stanley cup mely willing to adopt new technologies to lessen the friction corporate clients experience, though, according to the B2B Digital Payments Tracker, a PYMNTS and American Express collaboration.Get the report: B2B Digital Payments TrackerFIs are thus working with their partners to help them accept and process more digital invoicing and payments, streamline accounts payable AP and accounts receivable AR processes and make planning for the future easier.Acknowledging the Frictions Faced in B2B PaymentsCurrently, fewer than a third of FIs see the digital solutions they offer as very or extremely effective in meeting their B2B clients payments needs.This shortfall comes as the digital payment transition is happening everywhere, with people switching cash for credit cards, debit cards and peer-to-peer P2P payments, Luke Gebb, senior vice presi
stanley termoska dent of Amex Digital Labs, told PYMNTS in an interview.Read more: Mercha Nxsy Returnly Raises $19M To Help Retailers Handle Returns
According to the 2016 Makovsky Wall Street Reputation Study, released today Sept. 20 , the majority of financial professionals surveyed said their com
stanley kubek panies are still impacted by the 2008 financial crisis.While its been nearly a decade since the financial crisis took place, many financial services companies are still dealing with tarnished reputations as a result of the fallout.The study revealed that roughly 86 percent of respondents admitted to the perception of their company still being impacted, despite the financial recovery the industry has seen over the last eight years. The data makes clear that the financial crisis remains the prism through which Wall Street is viewed
stanley hrnek and judged, Doug Hesney, EVP at Makovsky, said in a statement announcing the study findings. The collapse of Lehman, and all that came afterwards, casts a long shadow over the reputation of the entire financial industry. Despite some headway, it is clear that these institutions must continue to persistently address reputational issues. But financial services companies arent the only ones carrying the weight of the financial crisis and the resulting recession.Consumers also continue to feel a loss of trust in the
stanley termos financial industry.The study found that an increasing percentage of consumers said they have issues with saving and spending since the crisis happened. According to the study, they said they arent able to save as much money and now live paycheck-to-paycheck. A third 32 percent responded tha