Digital platforms have begun to penetrate industries and alter supply chains. As traditional companies digitise their business models, transactional and financial flows will undergo a paradigm shift impacting treasurers and banks alike. Open Banking is perhaps the symbiotic factor that can level the digital playing field.
Three centuries ago, the industrial revolution marked a fundamental change in mankind’s history; the development of machines surpassed the physical abilities of humans and animals. Today, as the world seeks new fuel for economic growth and inclusive development, technology-enabled business models are re-defining economic activity with great equalising potential for society i.e., crowd-based capitalism, job creation, financial inclusion, remote access to education and healthcare to name a few. This phenomenon will transform corporations and communities over the next decade and perhaps bring about the fourth industrial revolution.
An offshoot of this revolution is the advent of digital platforms. The digitisation of supply chains is impacting business more than any other digital initiative, accounting for up to two-thirds of incumbent companies’ revenue growth, and more than 75% of their profit growth  where digital ecosystem reinvention is well strategised and executed. Building a fully digital supply chain often involves the creation of a new ecosystem. This opens the door to a reshuffle of the ways in which value is distributed among various players in the value chain, and will provide companies with new opportunities to create value – such as via new partnerships, revenue/business models and market access.
Fig 1 – Digital platform initiatives in traditional companies
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Standard CharteredApplication Programming Interfaces (APIs)B2BDigital Innovation