Global digital transformation has kickstarted the Fourth Industrial Revolution, also known as Industry 4.0. For corporate treasurers, this represents a complete shift in approach to treasury processes, technology and, most importantly, talent.
HSBC’s recent Global Liquidity and Cash Management Forum, held in Dublin, Ireland, highlighted the technological advances that are revolutionising the financial services landscape around the world. For treasurers, these developments offer exciting opportunities to enhance efficiencies, but also present challenges in dealing with new technology providers, and securing businesses from cyber threats.
Alan Duffy, CEO of HSBC Ireland, gave the welcome address. He began by noting the excitement around technologies such as machine learning and artificial intelligence (AI), and how the financial sector is keen to find practical applications of such technologies. In an environment where interest rates are low and will likely remain so for some time, it is incumbent on financial professionals to manage cash more efficiently and to make sure that a return on capital can be achieved more efficiently, he said. Technology is a key enabler in these areas.