The Most Important Thing That Banks AREN’T Budgeting

With Q4 around the corner, financial institutions are already well into their budgeting season. We here at S.S. Scale are here to help banks stay on top of what you may not be considering for the next fiscal year. With our decades of experience in banking and commercial card offerings, we know the pressures financial institutions face to stay competitive.

Is launching or optimizing your commercial card offering in your budget for 2024? We have seen first-hand over the last 15 years how this product has gone from a piece of plastic used for business travel to an integral part of how businesses make payments. Commercial Card use cases and growth continues for this increasingly valuable payment tool. In 2022, U.S. Commercial Card spend increased across all segments, with an estimated 20.5% year over year growth rate. That spend is projected to increase across every product category for the next 4 years totaling $1.2T by 2026 (Mercator Advisory Group Estimates, 2022).

Commercial Cards provide significant value for both financial institutions and their clients. Unfortunately, there have been significant hurdles institutions face when starting up and growing a program:

-Lack of subject matter expertise or resources needed at the bank

-Lack of ROI understanding and clear path to profitability

-Fear of program risk and how to mitigate credit and fraud losses

-Investment of time and expense to start up or grow a program

-Selecting the right strategic partner or partners

-Successfully scaling a program

Over the following weeks, we’ll be diving into the myriad of barriers faced by financial institutions and explain how S.S. Scale specializes in helping banks overcome these barriers. In the meantime, feel free to reach out to us today for a complimentary assessment to see how our experts can help maximize your offerings while fitting your budget.