Access to funding, risk management and improving usability are top of mind for treasurers today, according to results of a survey by Finastra.
Looking three years ahead, these challenges are expected to diversify to include demand for real-time capabilities and liquidity optimization, meaning new business models, which will drive a greater focus on open platforms for banks to deliver enhanced services at scale, said the financial services software firm that commissioned IDC to survey 400 corporate treasurers globally.
Survey highlights
• 84% Improve access to funding
• 57% Predict and manage risk
• 53% Improve usability and staff productivity
By 2022, treasurers expect their priorities to change and diversify:
• 59% Get real-time data and payments
• 54% Improve access to funding
• 52% Predict and manage risk
In addition, 47% of corporate treasurers see opportunities for banks to improve their product offerings to provide more innovative solutions beyond traditional services, Finastra noted.
This presents opportunities for banks to partner with ecosystem players and deliver value-added services, the company added.
APIs and cloud-based solutions will be critical if banks are to deliver on the changing requirements outlined by corporate treasurers, said Torsten Pull, senior vice president & general manager for Corporate Banking at Finastra.
“Open Banking and evolving treasury technologies are transforming the corporate sector, forcing financial service providers to evaluate the role they want to play in the digital ecosystem,” said Pull. “We’re also seeing changes in both bank and corporate treasury business models, with greater importance placed on collaboration and choice, particularly through the creation of digital treasury platforms.”
The finance function is transforming at pace, led in large part by the growing importance of the role of the corporate treasurer, and treasury more broadly—now recognized as an essential change agent for the business, said Thomas Zink, research director at IDC.
“With this role change, we are witnessing the transformation of the treasury department into a data-driven, highly automated arbiter, equipped to optimize liquidity and enable future investments, and able to predict and hedge against volatilities in the market better than ever before,” he observed.
