That leaves treasurers to rely on the security layers embedded into their banking platforms, the strength of which they can largely only guess at. Ease of use and customization are also important—especially as companies grow.
Treasurers are looking for trusted partners who can help them tackle market uncertainty, regulatory changes, and cybersecurity and fraud. Tell us about your career path and what particular experience has been most valuable to you along the way?
I definitely spent more time on Investor Relations than Treasury during that time. Organisationally we look at what was accomplished and how it was achieved, at the individual level.
Treasurers expect their banking partners to leverage their IT capabilities to improve consistency and reliability in five ways: Analytics that can improve working capital efficiency are notably high on the wish list.
At a time of increasing fragmentation, treasurers expect banks to offer a streamlined, transparent, digitized, and customer-friendly experience and serve as a one-stop shop to address the full set of treasury needs. A global survey of treasurers at multinational corporations around the world, conducted on behalf of BNP Paribas and The Boston Consulting Group, reveals that corporate treasurers are bringing an increasingly strategic lens to their remit.
Those attributes build trust—and while banks once dominated in this area, gaining and maintaining that trust now has become far Insights as a treasurer challenging. But making good on that aspiration and creating a one-stop-shop platform will require banks to embrace open architectures, standardize data to eliminate inconsistenciesand provide timely, customer-specific analyses.
With financing needs again on the upswing as markets recover, corporations need to compensate for this expected drop-off in financing. That leaves treasurers to rely on the security layers embedded into their banking platforms, the strength of which they can largely only guess at.
The listing of a company on an exchange can provide innumerable benefits, including providing access to financing for strategic acquisitions or business expansion. As the dust settles from the financial crisis, treasurers have embraced their expanded role.
Fragmentation in the provider ecosystem will increase. Objective setting is an important process that I take seriously and want everyone on my team to take seriously too.
Banks must therefore find a way to scale their service, or risk having their role limited to servicing only domestic or regional businesses.
Embody a trusted advisory role, especially on risk. Over time, advanced treasury teams could even adopt a shared service model with which to manage payment factories and in-house banks in addition to accounts receivable, accounts payable, expenses, and payroll. Most treasurers in our survey, for instance, still complain of undue process complexity within banking systems.
A Call for Platform Flexibility. In the Asia-Pacific region, receivables financing was down slightly this year. Make platforms easy to implement. Banks can respond to this interest by using their data capabilities to provide such things as detailed market intelligence, which treasurers working at large multinationals would find especially valuable.
While some treasurers in large corporations may have the IT capabilities in-house to get the data they need, others expect their banking partners to provide a convenient, integrated, and seamless customer journey across providers, systems, and products. Data is a critical enabler for both.
I am more likely to buy products from someone who has already proved their trustworthiness to me. Channel adoption varies by company size and region, with some treasurers preferring a relationship-manager-driven model, while others want more-advanced digital capabilities.
Low Growth In Core Transaction Banking Products While working capital financing WCF solutions and trade finance products will continue to court a loyal user base, the survey findings suggest relatively low additional growth in these areas.
Banks that deliver best-in-class execution, enrich their advisory value proposition, and incorporate fintechs into their offering will hold a formidable competitive advantage.
Other Innovative Financing Sources. A Rapidly Evolving Digital Landscape The digital technology landscape has introduced an array of platforms, expanded the functionality available on those platforms, and opened the market to nontraditional competitors.
TMS is proving particularly popular, because treasurers like the automation and efficiency those systems provide and because treasurers increasingly want the ability to execute operations directly, rather than being wedded to banking platforms.
That inherent trust makes it harder for other providers to enter the market, even if they get a banking license.
Banks, of course, are not the only ones looking to capitalize on such opportunities. To help Treasurers grapple with the strategic issues and complexities they face, in latewe launched our Treasury Leadership Series which provides our Treasurer clients around the globe with incisive opinion on timely themes and topics relating to the Treasury function.
Afternoon treasurers want providers to push relevant, customized, and proactive communication to them. In particular, they want more visibility and traceability into incidents and greater consistency in the quality and skills of supporting teams across locations.
More integrated information-sharing processes within banks would allow treasurers to access insights more quickly. A Rapidly Evolving Digital Landscape The digital technology landscape has introduced an array of platforms, expanded the functionality available on those platforms, and opened the market to nontraditional competitors.
As to other areas, while many banks are experimenting with blockchain technologies to manage and authenticate payments and transactions, few treasurers have yet to employ blockchain although many said that they find the technology to be conceptually appealing.
Survey responses indicate that treasurers continue to find WCF products attractive.Insights | The Digital Treasurer of the Future Technology Landscape The falling cost of technology and a shift in attention by technology start-ups and venture capitalists.
Several trends observed in the Corporate Treasury Insights survey picked up momentum in Treasurers indicated that their responsibilities continue to expand.
This latest report – the sixth we have published – is the most detailed set of insights yet into treasury’s role within global business. It reveals a continuing, palpable shift in the role of treasurer, from finance specialist and information provider to collaborator in strategic decision-making.
Want to learn more? Read this article for a deeper look at the role of the treasurer in an IPO and hear some first-hand insights from treasurers that have gone through the process.
Leveraging client data would enable better insights and allow banks and other providers to deliver more relevant, customized, and proactive communication to the afternoon treasurer.
Insights Unclaimed Property: Where To Go June 8, - pm In Washington, the Department of Revenue oversees unclaimed property, and helps owners recover what’s theirs.Download