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.”
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