ADAPT TO SURVIVE
Being innovative is much more difficult to achieve than it is to discuss. Particularly in the highly complex, highly structured environment of the average transaction bank. Add in ever-tightening purse strings and the absolute requirement to get as much return on previous investments as possible; sprinkle on the vast number of new regulations that take the lion’s share of every bank’s development budget and it is easy to see why transaction banking and innovation do not easily go hand in hand.
And yet, some banks have been known for exactly that for a number of years. Despite all of the challenges mentioned above they are indeed creating inventive and modern new solutions for their corporate clients.
Although it is tough for the big transaction banks to innovate, messaging solution provider SWIFT has long touted its focus on innovation. And it is that inventive backbone that is allowing them to, well, reinvent themselves as a go-to provider of corporate financial communications solutions.
Meanwhile, corporate treasurers themselves must now show their own adaptability in the face of a changing technological landscape. Social media is one realm where this is increasingly evident, as finance execs deal with the impact—and opportunities—of social media on their operations.
The current environment requires everyone and everything that touches on the corporate treasury landscape to be ready to adapt and innovate in order to flourish.