Understanding the need for change is one thing, but determining what, when and how to change is more complex. The AFP Executive Guide: What Does the Future Look Like for Treasury?, underwritten by Wells Fargo, highlights four areas where treasurers can add value to future-proof their operations: process automation, enhanced data analytics, digitization and investing in people.
Zooming out: While each company faces its own particular challenges, it is possible to identify some key macro trends that are influencing the wider business environment, including the growth of real-time commerce, opportunities for treasury to play a more significant role in the commercial side of the business, and advances in technology.
Boost your career and gain a competitive edge by becoming a Certified Treasury Professional (CTP). Apply today and stand out as a leader in the treasury field. Learn more.
A bank’s financial stability is of utmost importance to 98% of organizations when choosing a primary relationship bank, according to the 2024 AFP Bank Relationship Management Survey.
In addition: Ninety-two percent of treasury professionals noted that customer service responsiveness from their banks is an aspect they value in their primary relationship bank. Dissatisfaction with their bank’s customer service is a key driver for organizations to issue an RFP for an alternative bank.
Going deeper: Over half of treasury professionals believe that their banks could strengthen corporate relationships by focusing on streamlining the Know Your Customer (KYC) process (53%) and protecting against evolving payments fraud (52%).
Join the next AFP virtual meet-up on November 13 for an interactive discussion with your peers about how treasury and FP&A departments view financial risk and how they can work together to successfully manage it. Learn more and register.
Talking to peers who have or are currently implementing a treasury management system (TMS) can reveal solutions to problems you’re facing or challenges to watch for. This was true for Raquel Alvarez Mateos, Treasurer at Kearney, and Linda Kondrat, Assistant Treasurer at Littelfuse, who, despite working in different industries, were able to learn from each other.
Their advice: Companies and teams evolve over time, so make sure to document the TMS implementation process for knowledge retention. Implementing a TMS is also a great opportunity to upskill your team. As your staff become experts on specific modules, they can train other staff and foster growth.
