Treasury is not an island; it is influenced and supported by the ecosystem that surrounds it. Transaction banks play a pivotal role within this network – and they are continually innovating to enable treasurers to leverage industry developments such as banking-as-a-service. As a result, business models are changing, sustainability is rising in importance, and co-creation is the order of the day. It’s time to ‘let go of the legacy’ – and no treasurer can afford to get left behind.
The natural world offers many parallels to the business ecosystem. It is a competitive environment where climates can be hostile and unpredictable. In order to survive, and prosper, many species have adapted in incredible ways. Take the Alaskan Wood frog, for example.
This ingenious amphibian enters a semi-frozen state in winter; it stops breathing and its heart stops beating. Surviving temperatures of -60C in this suspended state, the frog then ‘thaws out’ in spring and continues life as normal. Meanwhile, at the opposite end of the extreme weather spectrum, the kangaroo rat has evolved to survive in the desert without ever needing to drink water.[1]
Corporates and banks are becoming similarly creative in finding ways to adapt to the shifting operating landscape. Jared Smith, Managing Director, Global Head – Corporates, Global Liquidity and Cash Management, HSBC, comments: “In the past 18 months we have seen a huge push towards digital interaction. While this was the broader market trend, it has been accelerated by the Covid-19 pandemic.”
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