Digital transformation is a hot topic across the banking industry. What are the implications for treasury services providers to increase revenue, reduce costs, and better manage risk through digital transformation?
In the report Delivering Better Treasury Services through Digital Transformation, Celent focuses on three closely related and high-impact corporate banking solution sets.
- Corporate-to-bank connectivity.
- Payables and receivables automation.
- Trade and supply chain finance.
These three product lines, core to serving corporate customers, are where there are opportunities for improvement in treasury services. All three already use extensive automation and digitization, but they are using “old digital.” That is, the technology is often dated, and many of the initiatives have merely electronified a manual process rather than used technology to transform the process.
“Automation and digitization initiatives in treasury management services can form a foundation for transaction banks to compete and win over the next decade,” says Patricia Hines, a senior analyst with Celent’s Banking practice and author of the report. “Banks that do this better and more efficiently than their competitors will enhance client loyalty and solidify their prospects for long-term growth.”
By discussing opportunities and benefits for enhancing critical treasury services product areas, this report seeks to outline opportunities for transaction banks to improve service delivery, increase customer satisfaction, and unlock opportunities to grow fee revenue. It also highlights the importance of identifying changes needed in products and services, information technology, and organization and people to deliver on the promise of digital transformation.
