HSBC Sibos spotlight series - Ask a friend: How banking partners are helping with treasury transformation
Sep 25, 2023
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The podcast explores the importance of digital transformation for treasurers, including finding the right tools and banking partners. It discusses objectives and considerations for a digital transformation in treasury, and the role of banks in real-time treasury success. The podcast also covers how treasurers can navigate the challenges of digital transformation in treasury.
Treasurers must embrace digitization to serve businesses better and help build digital business models.
When embarking on a digital transformation journey, treasury departments should prioritize technologies and processes aligned with their business objectives.
Deep dives
Importance of Digital Transformation for Treasurers
Digital transformation is crucial for treasurers and businesses in today's digital age. The shift towards digitization is driven by tech-savvy consumers who value immediacy and intuitive experiences. It is essential for treasurers to embrace digitization to serve businesses better and help build digital business models. Treasury departments are becoming increasingly strategic, and treasurers must find the right digital tools and banking partners to deliver superior customer experiences, scalability, security, and market reach.
Prioritizing Technologies and Processes for Treasury Transformation
When embarking on a digital transformation journey, treasury departments should prioritize technologies and processes aligned with their business objectives. The focus should be on collaboratively establishing a business case with impacted teams, stakeholders, and setting clear short-term and long-term objectives. The selection of technologies should be based on different business priorities, such as using API technology for payments to create frictionless customer journeys or leveraging cash pooling and cash forecasting to drive capital efficiency.
Keys to Successful Digital Treasury Transformation
For a successful digital treasury transformation, treasurers should consider several key factors. They should determine short-term and long-term objectives, ensuring quick successes while maintaining a clear direction for the overall transformation journey. Collaborative engagement with stakeholders is crucial, including gathering impacted teams and establishing a business case. Attention should be given to the target operating model, focusing not only on technology but also on business and process redesign. Leveraging best practices from banking partners can accelerate the transformation process, and implementing a change management plan with sustained support is vital for long-term success.
In the third episode in TMI and HSBC’s Sibos Spotlight podcast series, Manish Kohli, Global Head of Global Payment Solutions, HSBC sits down with TMI’s Eleanor Hill to explore key considerations for corporate treasurers in today’s digital landscape.
Our guest delves into the processes and technologies that treasury teams should prioritise, focusing on their rationale and outcomes, and outlines consequences for those who fail to embrace digital transformation. Additionally, he examines the pivotal role banks play in enhancing client data management, and their significance in helping to achieve real-time treasury success.