by Adrian Brown, Head of Commercialisation – FX+, BNP Paribas Global Markets and Wim Grosemans, Head of Product Management, International Payments, BNP Paribas Cash Management
Digital innovations over the past five years have changed dramatically not only the way we work, communicate and socialise, but also our expectations of how data can be used to transform processes, intelligence and services. If we buy a product or service online, for example, we can place an order, make and authorise a payment, receive notification of the order status, and track delivery from dispatch to arrival. Each of these points reflects a different step in the physical and financial supply chain, which in a large company would be managed by a distinct business function and set of systems. From a customer perspective, however, these steps are all part of one transaction.
Providing information at each stage in the transaction process has become essential to enhance the customer experience and build confidence and trust. Increasingly, treasury and finance professionals are expecting a comparable degree of integration, transparency and transformation in their banking transactions, whether they are buying or selling domestically or cross-border.