A decade ago, the possibility of real-time, digital treasury was just a dream. Today, it is very much a reality. Maggie Li, General Manager, TCL Finance Company and Calvin Matundura, Treasurer, Safaricom, along with experts from Standard Chartered, discuss the treasurer’s role in driving digital adoption.
Digital business models and 24/7 instant payments mean that treasury now runs around the clock all year. As a result, treasury functions must digitise their operations, automate workflows, and embrace innovation. But how can they do this against a backdrop of constant change? And what are the key milestones to achieve along a digital treasury journey?
1. Synchronise with the business
It’s no secret that business models are changing – and becoming increasingly digital. To make the most of this shift, Lisa Robins, Global Head, Transaction Banking , Standard Chartered, advocates that “treasurers think about their internal customers in the same way that a bank might think about a treasurer. It is important to mirror what treasury’s internal ‘clients’ are doing – and that means adopting digitisation and automation”.
Li agrees, explaining that with a worldwide footprint like TCL, it is vital for treasury to be in step with the business. “We invest a lot of time in better servicing our subsidiaries. We have turned to digital solutions to help us do this with maximum effect, because online servicing is what’s required in the digital world. We have to keep pace with what the business needs to enable it to grow.”