Introducing Financial Relationship Management
Joe Sweeney
Oct 23, 2024
Today we're announcing the launch of Financial Relationship Management.
Upflow now delivers a full Financial Relationship Management (FRM) solution, empowering 500+ businesses worldwide to manage and optimize the customer experience within the finance function, while significantly improving cash flow and customer retention.
“Remember when interest rates were close to zero and money was free, and no one cared about late payments?”, says Alex Louisy, CEO of Upflow.
“Today, the landscape has shifted dramatically. 2022 saw a sharp correction in company valuations, and almost every week since then has featured news of lay-offs from tech companies.”
Today, credit is scarce and expensive, and the grow-at-all-costs mindset is a thing of the past. Profitability, lifetime value, and retention are the order of the day, and businesses who don’t adapt will fail.
Financial Relationship Management (FRM): A New Approach
Upflow is pioneering the FRM category - a groundbreaking new approach to accounts receivable.
Similar to CRM for sales, marketing and success, FRM focuses on building strong customer relationships through a personalized payment experience, WHILE getting your invoices paid more efficiently.
“Just as the early 2000s saw a seismic shift in sales and marketing with the rise of CRM, we're now witnessing a similar transformation in the finance function,” says Louisy.
“Automation is no longer enough. Businesses need to go beyond transactional efficiency and focus on building genuine relationships with their customers. We’re empowering the Finance function to play their part in that.”
By tailoring the payment experience to individual customers, using segmentation and contextual knowledge from past interactions, Upflow ensures businesses can engage the right person at the right time and place, specifically within the finance pillar of the customer journey.
The Finance Function Must Evolve
Traditionally, Finance departments and their Accounts Receivable have focused on invoices, not the customers behind them. Upflow transforms finance into a strategic driver of growth by:
Elevating customer experience: Upflow simplifies the payment process, promoting faster and more efficient cash collection with minimal effort.
Maximizing retention: Positive payment experiences foster loyalty and reduce churn, leading to higher customer lifetime value.
Improving cash flow: Streamlined cash collection accelerates financial health, freeing up resources for growth initiatives.
Upflow empowers finance teams to turn payment challenges into customer opportunities and move from chasing invoices to engaging customers.
Real Users, Real Results
Walnut
24X increase in receipts via autopay, meaning Walnut receives more payment automatically on invoice due date
50% reduction in DSO, meaning Walnut halved the time it takes them to get paid in just 9 months
“Now, with Upflow, we can approach cash collection conversations in a way that’s consistent with the experience customers know from Walnut and their Customer Success rep.” - Ron Wolff Kochavi, Director of Finance, Walnut.
OVRSEA
28% reduction in DSO (38 days to 27 days)
75% average Collection Effectiveness Index (CEI), indicating a strong ability to collect cash from customers.
“Upflow helps us preserve the quality of our customer relationships. And that's something that's very important to us because we want the OVRSEA experience to be pleasant from beginning to end.” - Lolla Di Vico, Finance Operations Manager, OVRSEA.
WorkMotion
Best Possible DSO (BPDSO) achieved in June and July 2024
79% reduction in invoices 31+ days overdue, in under a year.
98 hours saved per month.
“Our main goal is create a positive customer experience when it comes to collections by ensuring we're sending and triggering reminders when it matters most.” - Emilie Hart, Finance Operations Team Lead
Join the FRM Movement
Upflow is helping businesses reshape how they interact with and get paid by their customers.
To learn how Upflow can unlock faster payments, stronger relationships, and a healthier bottom line, visit https://upflow.io/financial-relationship-management
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