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.
Glendinning should know, given his 35 years in the industry and his experience at Lenovo.