Transaction banking trailblazer: Damian Glendinning, Lenovo's former treasurer
The former treasurer at the Chinese multinational technology company says: 'Banks should be concerned.'
“It probably isn’t the most popular opinion, but I don’t think that tech development in corporate treasury is where it should be,” says Damian Glendinning, former treasurer at Chinese multinational technology company Lenovo.
“Think about it. A multinational corporation should be able to use one login, access one platform online, know precisely where all a business’s cash sits and transfer money from one place to another instantly.
“But this is the reality for what – perhaps a handful of corporates today? A fully integrated, holistic treasury management approach requires a significant investment in a front-end application to gather all the data from, and correspond with, many banks’ disparate systems.
“The industry is moving very slowly,” he says.