As online banking developed more features the value of Quicken declined. What was once the most popular PC software application died as people moved to online banking to manage their finances.
As business banking becomes more powerful the need for QB will follow the same path as Quicken. It will not be soon, but the outcome is clear. Business banking will gradually release all the features of QB at which point the advantages of a seamless integration between banking operations and accounting will make QB obsolete.
In our view, the next big step forward is to include invoicing in business banking. Most small businesses have a dire need to get invoices out quickly to ensure the cash flow required to run their business. Invoicing completes the SMB money cycle of:
request, receive and then dispense cash.
As with most industry trends this represents an opportunity for those who pursue it and a risk for those who don’t.
Let us know if you would like to discuss the future of business banking and how it can help your credit union.
Author: Chris Doner, Founder and CEO, Access Softek