Bank strategies crucial to corporate digital transformation
Accelerated technology adoption prompted by the coronavirus pandemic has enabled treasury teams to push ahead with digitalization programmes.
Corporate treasury teams must have a thorough understanding of processes, procedures and exactly what they hope to achieve when they embark on a corporate treasury digitalization project.
Choosing the right vendor is, of course, important.
“Corporates should be asking vendors difficult questions to understand these differences – questions related to financial transparency, long-term solution investment, revenue growth and even profitability,” says Steve Wiley, vice-president, treasury solutions, at FIS.
The digital potential of the corporate’s banking partners should also not be ignored. As treasury management solutions become more frictionless and expand their connectivity methodologies, banks must be able to support these methodologies.
“Treasury teams should take a good look at their bank’s digital strategy and ask themselves if they are working with the right institution(s) to help make the project successful,” says Anis Rahal, director of strategy and market development for treasury at Bottomline Technologies. “Bank connectivity can make or break treasury technology projects.”
Bank connectivity can make or break treasury technology projects
According to Pedro Porfirio, global head of capital markets at Finastra, many treasury applications are heavy to run and operate, or do not have functionality that can make a difference.