It’s time to modernize corporate treasury departments

Corporate treasury teams face significant challenges. A recent CGI Transaction Banking Survey revealed 65% struggle with onboarding, 47% with integration, and 45% with file formatting. The diverse…

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Alexis Holland

August 3, 20235 minute read

Two members of the treasury department shaking hands.

Corporate treasury teams face significant challenges. A recent CGI Transaction Banking Survey revealed 65% struggle with onboarding, 47% with integration, and 45% with file formatting. The diverse and complex nature of these hurdles complicates determining where to prioritize time and resources to overcome these obstacles effectively. As a result, many corporate treasury teams are turning to their banking partners for solutions. 

In response to increasing client demand, banks now recognize the importance of developing scalable treasury solutions tailored to their client’s needs. Legacy technologies designed to fill gaps in the treasury department are no longer sufficient to meet the demands of those seeking advanced, automated, and integrated solutions. 

How can banks deliver innovations? 

The time has come for banks to provide the treasury solutions their clients are demanding. However, the path to innovation for banks and financial institutions is paved with challenges, ranging from hurdles associated with their legacy systems to the strategic management of strict internal resource constraints. Transaction banks can benefit from partnering with a trusted technology provider like OpenText to overcome these barriers and deliver innovative treasury solutions. 

Lean on a trusted industry partner 

Transaction banks must find a way to overcome internal obstacles and meet the evolving demands of their corporate clients. However, there always seem to be two significant obstacles that hinder a bank’s ability to innovate to the best of their abilities: legacy systems and resource constraints. 

Legacy systems litter the banking industry. Banks often find themselves entangled in the complexities of these outdated systems, delaying their progress towards innovation. Recognizing this challenge and its impact on their clients, banks turn to trusted technology partners like OpenText, who have specialized expertise in navigating legacy systems. OpenText offers tailored solutions that bridge the gap between legacy technology and modern platforms, enabling transaction banks to deliver the latest solutions efficiently. 

Of course, the hurdles to modernization do not end there. Resource constraints pose another formidable obstacle for banks. The right partner can offer comprehensive support from solution design to implementation and ongoing maintenance. This allows the bank staff to focus on running its business while the technology partner provides the resources and expertise needed for innovations. Banks can easily navigate the complexities of modernization by leveraging OpenText’s vast resources, experience, and industry knowledge.  

OpenText’s proven experience with advanced technologies like APIs, ERP adapters, and AI empowers banks to deliver state-of-the-art treasury solutions to their clients. Armed with these cutting-edge tools, banks can, in turn, empower corporate treasurers to optimize financial management, streamline operations, and make data-driven decisions with confidence.  

The transformation journey doesn’t end here. With OpenText’s managed services support and modern suite of solutions, banks can solidify their position as leaders in the industry while empowering their clients to thrive in their modernization journey. Banks foster stronger relationships with their corporate clients by staying at the forefront of treasury modernization.  

This is an image depicting finance and banking connections across a network.

Key benefits of treasury modernization 

Meet evolving customer expectations

Corporates now expect their banking partners to provide cutting-edge solutions that streamline treasury operations. By modernizing treasury processes, banks can offer real-time cash visibility, integrated payables and receivables, and comprehensive risk management solutions. This empowers corporate clients to make informed decisions, optimize working capital, and achieve operational efficiency. These clients are more likely to stay loyal to the bank once they feel their pain points have been addressed, directly reducing the risk of losing them to competitors. 

Unlock operational efficiencies

Traditional treasury operations often involve manual processes, legacy systems, and siloed data, resulting in inefficiencies and increased errors. Eliminate the need for your clients to deal with these challenges by implementing treasury management systems and leveraging application programming interfaces. Banks can enable seamless connectivity between banking platforms and client systems. This integration facilitates faster and more accurate transactions, reduces manual intervention, and enhances straight-through processing. 

Harness data for insights and innovation

Data is a valuable asset, and banks can leverage it to gain actionable insights that drive innovation. Delivering innovative treasury solutions allows banks to capture and analyze vast amounts of transactional data. Banks can leverage this information to understand better their client’s needs, preferences, and pain points. Banks can offer more personalized and tailored financial solutions using data-driven insights, further cementing their position as a trusted partner. 

Treasury of the future  

By bridging the gap between customer expectations and current offerings, banks position themselves as leaders in the industry and strengthen their relationships with their corporate clients. Empowering clients with modern treasury solutions, banks pave the way for enhanced financial management, streamlined operations, and data-driven decision-making.

As corporate treasurers continue seeking a more modern and automated way of working, transaction banks play a pivotal role in their success by providing cutting-edge tools, seamless integration, and expert support. By staying at the forefront of treasury modernization, banks can proactively anticipate and meet the evolving needs of their clients, cementing their position as market leaders and trusted industry partners. 

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Alexis Holland

Alexis Holland is an experienced product marketer and financial services thought leader. Driven by solving complex client payment needs, she takes pride in providing the best customer experience possible by effectively communicating the numerous benefits of the financial services offerings within OpenText Business Network. With years of experience in the financial services industry, Alexis enjoys topics around the rapidly growing and constantly changing world of banking and payments. Alexis is a Senior Product Marketing Manager at OpenText, she leads product marketing efforts for Financial Services.

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