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Chana Schoenberger (00:12):
Hi, I'm Hana Schoenberger. I'm the editor-in-chief of American Banker, and I'm here with Molly Hugar, who is the commercial sales leader responsible for payments at KeyBank. Welcome.
Molly Hugar (00:23):
Thank you. Thank you so much for having me today.
Chana Schoenberger (00:26):
So what can you tell us about what your commercial clients are asking for?
Molly Hugar (00:31):
Sure. So that's a great question, and it actually spans a number of different topics. So I feel like for the last 10 years, there were fewer clients asking for automation and really trying to just get up to speed in the large corporate space on trying to create those efficiencies and enhance their processes. Now it's kind of table stakes, and everybody's looking for how they embed them within the software and systems that they have today. So we've seen a number of clients over the last two to three years really work on software enhancements, ERP migrations, and now they just want to live in one space. So it's really about that connectivity and who can provide that one-stop shop that will be easy onboarding, servicing awareness, but also live and breathe within one space for them. So that's kind of one thing they're really looking to automate right now.
Chana Schoenberger (01:28):
So embedded payments on a commercial level. Embedded
Molly Hugar (01:30):
Payments are a big focus. Yeah.
Chana Schoenberger (01:32):
How long does it take a company to actually get that done?
Molly Hugar (01:36):
Great question. It really, really is dependent on a series of items. So one, there might be an awareness within the finance team. And again, we're talking about the middle market space that I cover. So pretty much 25 million to two billion is how we define that at Key. And so first it's an awareness of pain points existing, and there's also a cost associated with these tools. So even though the finance team might have the awareness, it's getting that buy-in from everybody on the leadership front to make sure that we're brought in to move forward with the expense associated. Then the next phase for onboarding, we have very robust internal teams that will work on handholding the customer from the IT roadmapping and sandboxing through to that training for their groups based on the different roles that they have. But it really is also reliant on the internal IT infrastructure of a client.
(02:33):
So some have more sophisticated teams and those onboardings run very smoothly. You've got a great project plan manager internally at Key and you're just kind of running in lockstep, but those that maybe have a little bit less sophistication on the IT front or outsourcing through a third party can take a longer period of time. So sorry, I'm not trying to skirt the question, but there's a lot of different variables. So probably anywhere from, I would say
(03:03):
Six weeks for a pretty straightforward implementation to I had an 18 month implementation, but that was for a $2 billion company that was automating their entire AR process.
Chana Schoenberger (03:16):
Great, great. Okay.