Treasurers are making huge efforts to embrace digitisation, but they cannot do it alone. As such, they are turning to their relationship banks for smart solutions which provide maximum efficiency, with minimum commotion. In turn, banks are leveraging fintech collaborations and client co-creation sessions to deliver cutting-edge offerings. But is this enough to enable true digital transformation for treasury?
For many treasurers, developments in technology and innovations being enabled by Open Banking are giving rise to new opportunities for digital transformation. This means different things to different companies – after all, every organisation or business will have its own challenges and pain points. But treasuries that do embark on digital transformation will nevertheless have plenty of themes in common.
Likewise, as more companies seek improvement through digitisation, it is increasingly important for banks to keep up with their clients’ evolving priorities and requirements. In particular, there is a clear need for banks to recognise the importance of a smooth user experience for corporate clients.
First things first
When undertaking digital transformation, treasurers seek to move from a starting point, typically characterised by inefficient, manual and time-consuming processes, to a more productive end state. Along the way, treasurers will aim to adopt more streamlined processes and achieve more visibility over their cash balances and transactions, while reducing unnecessary costs and freeing up valuable time for strategic decision-making. They will also want to make sure those decisions are supported by accurate, up-to-the-minute information from a variety of sources.