Head of Transaction Banking Products, NatWest
Moving beyond the Covid catalyst
For many corporate treasurers, 2020 was a crash course in digital transformation. As companies adjusted to global lockdown and remote working as a result of the Covid-19 pandemic, digital operations quickly became essential.
This swift pivot away from manual processes and on-premise tech presented myriad challenges for treasury teams. At the fundamental end of the scale, some treasury teams struggled to gain visibility over cash and some could not make payments, since they had not embraced cloud treasury management systems (TMS) and enterprise resource planning (ERP) solutions or rolled out online and mobile banking capabilities across their entire departments. Meanwhile, paper bank statements being sent to the office suddenly became obsolete – and inefficiencies in manual, paper-based processes, were clear to see.