PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Continued Innovation in Business Travel Expense Management

By Ben Danner
February 20, 2023
in Analysts Coverage, Commercial Payments, Credit, Prepaid, Travel
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Business Travel

Managing business travel expenses is a hot topic in the industry, especially as travel continues its strong recovery from the pandemic. According to the latest GBTA Business Travel Outlook, 55% of travel buyers and procurement professionals reported they will take more business trips in 2023 than 2022 and 42% are expecting budgets for travel program operations to be higher.

Recently, American Express announced the development of a set of expense management solutions aimed at improving the expense management process for business travel. Microsoft will be running a pilot program with its own internal systems this year and the product is planned to rollout over time to American Express Corporate clients. In the press release, Gunther Bright, Executive Vice President, Global Commercial Services at American Express, gives an apt description for the expense reporting process, “Expense reports are a necessity, but we all hate doing them.”

Major providers are trying to enhance their offerings to make travel spend management easier. According to a new American Express Expense Management Trendex survey conducted between Dec. 16 and Dec. 20, 2022—among 1,000 business travelers and 300 business travel expense processors—nearly 94% of travel expense processors and 76% of business travelers report there needs to be more innovation around the expense report management processes. When describing their employer’s current expense management process, 52% of business travelers reported a negative reaction.

Business travelers and expense management professionals are used to using travel B2C technologies that are convenient and seamless. For example, it only takes a few clicks on their favorite ride-sharing app to order a vehicle, the app gives them payment flexibility, and they have control over their travel experience. Business professionals expect these types of experiences in their everyday workday.

Modern expense management platforms automate manual reporting processes saving time and money for accounting and finance teams. It’s no secret that business travelers and processors alike, do not enjoy the entire process of receipt management and filling out expense reports.

We particularly enjoyed this datapoint from the survey:

Source: American Express Expense Management Trendex Survey

Overview by Ben Danner, Senior Research Analyst at Javelin Strategy & Research.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: American ExpressB2CbusinessExpense Management

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Proof That Fintechs Are Disrupting Banks:

    In Today’s Fintech Market, Value Is Everything

    August 30, 2024
    DFAST test

    Dodd-Frank Stress Tests: Good News for Now, Watch for a Rugged 2025

    August 29, 2024
    Real-Time Payments Adoption in the U.S. Requires a Pragmatic Approach, ISO 20022 messaging challenges

    ISO 20022 Brings the Challenge of Standardization to Swift Participants

    August 28, 2024
    open banking small banks credit unions

    Open Banking Can Be an Equalizer for Small Banks and Credit Unions

    August 27, 2024
    Payments 3.0

    Achieving Seamless and Holistic Transactions with Payments 3.0

    August 26, 2024
    embedded finance, ecommerce, consumers reduce spending

    Quality Over Quantity: Key Priorities in the Payment Experience

    August 23, 2024
    bots fraud

    Next-Generation Bots Pose Formidable Fraud Challenge

    August 22, 2024
    crypto custodians

    Crypto Custodians Could Bring a Revolution in Holding Assets

    August 21, 2024

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Digital Assets & Crypto
    • Debit
    • Digital Banking
    Menu
    • Commercial
    • Credit
    • Digital Assets & Crypto
    • Debit
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    Menu
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    Menu
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result