Greater efficiency with less user intervention will keep driving treasury advances. Many technologies are now available, enabling treasury to manage liquidity more effectively, predict more accurately, and leverage data and analytics to enhance customer and supplier experience.
FREMONT, CA: The payments industry faced unexpected market shifts in early 2020, which persisted throughout the year. These shifts accelerated the development of three overarching themes that continue to reshape the competitive dynamics within the payments ecosystem: the rapid growth of digital commerce, the proliferation of emerging payment methods, and the development of next-generation payment infrastructure. These three inextricably linked themes are central to the payments industry's transformation and innovation in 2021.
Below are some trends that make a broad impact across the finance industry.
Evolving Managed Payment Process Services
As 2021 unfolds, managed cash management services will continue to be seen as a transformative option that enables treasury organizations to take advantage of the latest cloud-based, digital technologies without investing in complex, costly infrastructure. Managed service model means adopters always have the newest technology version, lowering dependency on legacy platforms. It also means not having to emphasize safeguarding on-site systems. Innovative managed services offer convenience on-demand, which is crucial as many job functions have shifted to remote work-from-home posture. And these next-generation solutions also furnish a seamless user experience, perceived as increasingly vital to keeping digitally-native employees happy today. Most importantly, managed services may enable treasury to focus more on core business issues and strategic organizational imperatives.
Utilizing New Analytics Layers to Enhance the Treasury Function
Numerous treasury organizations have begun to recognize the potential value of cash management-related data. Emerging technologies enable the use of this data to drive analytics-driven decisions that significantly improve treasury efficiency, automation, and customer experience.
As the treasury function becomes increasingly interconnected, data and analytics will enable treasurers to add value and make faster, more informed decisions.
Adding Value to the Treasury
Since the "Great Recession," the capacity of treasury professionals has evolved. Treasury has increased its stature as a decision-maker at the highest levels. In the years ahead, treasury will be relied on to manage liquidity, forecast cash flows, and support the bottom line. And the current pandemic has served only to raise the treasury profile as a vital organizational resource. To meet business' ever-changing demands, treasury will need to continue building relationships across the organization to expand their understanding of business needs and priorities. By partnering with cross-functional stakeholders, treasury can expand its impact while enhancing credibility. Simultaneously, treasury can tap into the deep bench of experience found within banking partners to ensure full support for the organization's strategic goals.
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