by Chris Paizis, Head of Markets Distribution at Barclays Africa (ex SA)
Banks are having to redefine themselves, looking five or 10 years ahead to make sure they are prepared for a changing financial order. It’s an exciting journey as we develop new and innovative products, explore new ways of doing business and find new revenue streams. This focus on innovation is the response to two very different forces impacting the banking industry – new regulations which have made us do things differently and technological advances which have not only enabled us to do things differently, quicker, easier and with less risk, but have opened up whole new areas of innovation.
Banking is not the same as it was 10 years ago and certainly it's likely to change drastically over the next few years.
These dual forces - restrictive regulation and technological advances - have been the two biggest drivers of change in bank treasuries in recent years. And, because companies are our clients and our partners, these changes are affecting corporate treasuries as well. The combined impact of regulation and technology has been to change banking business models. Banking is not the same as it was 10 years ago and certainly it’s likely to change drastically over the next few years.