Citizens Bank is looking to add new digital banking solutions for small- and medium-sized businesses to its new Cash Flow Forecasting platform.
To keep up with SMB demand for insights and tools, the Providence, R.I.-based bank will add an enterprise resource planning (ERP) tool to its Cash Flow Forecasting platform later this year, Mark Valentino, head of business banking, told Bank Automation News at the end of May.
The Cash Flow Forecasting platform, launched May 29, helps businesses predict their next 12 months of cash flow, Valentino said.
An ERP is a software solution that helps businesses connect different parts of their operations, including accounting, human resources, payments and supply chains, on one platform, according to IT provider Oracle’s website.
The ERP on the Cash Flow Forecasting platform allows SMB clients to connect this platform to all of their accounting systems “creating an ecosystem to help a small business run their company more efficiently on a daily basis,” Valentino told BAN.
The $220 billion Citizens conducted a survey of 600 SMBs in the U.S. in February that found 55% of businesses are looking for better insights about their cash flow and 42% are looking to lower their cost of capital, according to a May 29 release from the bank.
The ERP solution can be connected to the business’s existing accounting system if required, giving it essential business operating functionality on one platform, Valentino said.
“By consolidating solutions inside of our banking platform … whether it’s Cash Flow Essentials or other [solutions], we can help companies become more productive and more profitable,” Valentino said.
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