GTreasury, a provider of cash and risk management platforms, has published a detailed global report that shows how far cash and treasury teams have come in digital transformation, which technologies they are most interested in and where there is still resistance.
The comprehensive 50-question survey, which covered a wide range of aspects of treasury technology use, views and design, was completed by hundreds of treasurers, analysts and other treasury management professionals from around the world and across industries.
Highlights of Treasury’s 2021 Technology Survey include:
Significant growth expected. Payment processors, cash accumulators and TMS solutions are expected to grow 35-45% over the next two years.
APIs will become important. 73% of enterprise cash teams report that APIs are critical to their current processes. Machine learning is also a priority for traders and they are more advanced in their modernization initiatives.
The gap between cash forecasting importance and reality is high . Although 84% of asset managers believe cash forecasting is very important, only 38% say it is done very accurately.
Fraud prevention gains a heightened focus. Fraud prevention is a top priority for 77% of consumers who use new technology in product development. Fund managers also report that there is a great need for automation of fraud prevention processes.
Resistance to forms continues. In comparing legacy formats with new and more flexible formats, such as XML, accountants have shown surprisingly strong resistance to adoption.
According to Pete Strejovich, Chief Technology Officer at GTreasury CFOs on every continent and in every industry are looking at how best to transform their financial technology to streamline their processes and deliver visible value to their organization. This research provides unique insight into what excites and disrupts today’s treasurers and how the industry is approaching change in a rapidly changing ecosystem. This report is a must-read for all those who follow in finance and treasury news.
The Treasury Technology Survey 2021 report collected responses between March and April 2021, with more than 50 questions and over 250 respondents.