Corporate treasurers across Europe, the Middle East and Africa (EMEA) have revealed that they are looking beyond their banks for financial services, according to recent research.
The ‘Digital Disruption Comes to the Corporate Treasury’ survey from Finastra featured opinions from 380 corporate treasurers from enterprises across EMEA.
It revealed that 70% of respondents thought that a shift from bank to non-bank services would take place within their organisations over the next two to five years.
Some 16% believed that this shift had already taken place.
Other highlights from the survey included:
- 71% believed that they would use non-bank service providers for payments, followed by FX platforms (67%), liquidity pools (67%) and trade and supply chain networks (56%)
- 76% revealed that their business had already integrated with trade networks to link supply chain financing with payments
- 74% stated that real-time payments reporting was the key treasury opportunity for 2019
- 29% saw Open Banking as a key opportunity for their business this year
“Banks need to act fast to strengthen their relationships with customers and offer the innovative services they demand,” said Anders Olofsson, head of payments at Finastra.
Patrice Amann, regional leader of the financial services industry for EMEA at Microsoft, added: “As we move into a new era of open standards, APIs and interconnected business models, the cloud will underpin new business ecosystems that will enable corporate treasuries to thrive and their businesses to grow.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Tide names new chief technology officer
Tide has recruited Guy Duncan (pictured above) to its executive team as its new chief technology officer...
OakNorth Bank lends £650,000 to Casa Italia
OakNorth Bank has provided a £650,000 loan to Liverpool-based, 160-cover independent Italian restaurant Casa Italia...
First year of home ownership can bring with it unanticipated ‘financial challenges’
Aldermore’s First-Time Buyer Index has highlighted the importance of understanding the extra costs of owning your first home...
Starling Bank releases its first TV advertising campaign
Starling Bank has launched its first TV advertising campaign called Feel Good About Money...
Metro Bank enhances business banking offering via three new partnerships
Metro Bank has enhanced its business banking offering via three new fintech and SME partnerships...
An interview with Jacqueline Morcombe: Building diverse teams leads to ‘more innovative ideas and better business outcomes’
Jacqueline Morcombe, area vice-president of international sales enablement at nCino, discusses diversity in the banking industry, how to efficiently process commercial loans and transparency in the sector...
Paragon launches BTL intermediary portal
Paragon has announced that it has launched a new intermediary portal...
Creative England and Triodos Bank launch £24m fund for creative SMEs
Creative England and Triodos Bank UK have launched a £24m fund to provide finance to creative UK businesses...
The Nottingham boosts lifetime Isa rate for first-time buyers and retirement savers
Nottingham Building Society has increased its lifetime Isa rate from 1% AER/tax free (variable) to 1.25%, which represents a boost for first-time buyers and those saving for retirement...
A guide to how sharia-compliant mortgages work
In December 2018, we launched an alternative to traditional home loans, a home purchasing plan (HPP) for buyers in the UK, abroad and expats...
PMS and Sesame welcome Axis Bank UK to specialist lender panels
PMS Mortgage Club and Sesame Network, part of Sesame Bankhall Group, have added Axis Bank UK to their specialist lending panels...