The financial services
industry has been a front-runner when it comes to technology for more than 30
years now. Benefiting consumers and corporates alike, the sector has stayed
ahead of the digital curve, regardless from automation and electronic user
devices such as ATMs to online banking and electronic payments. More control in
the hands of the corporate treasurer clearly shows the result that the world of
business banking has become much more streamlined and efficient.
The development of the
Internet and a dramatic reduction in the cost of technology are two key factors
have influenced this shift. In today’s more cutting-edge second digital age,
mobile technologies and the advancement of data science have presented unparalleled
heights of connectivity between personal devices and banking applications,
systems and platforms, shifting society prodigiously and subsequently the
companies that power the economy.
The blend of these new
technologies has had a momentous waves on company infrastructure, most particularly
through fast-emerging linked solutions such as cloud computing. There are three
fundamental service models that support drive: i). Infrastructure as a Service
(IaaS), which provides virtual computing resources including servers, storage
and networking over the Internet; ii).Platform as a Service (PaaS), which
allows corporates to roll out applications, tools and internal services through
the cloud; and, iii).Software as a Service (SaaS), which enables companies to
rent the usage of critical software solutions through the cloud.
At the moment a massive number
of all software solutions are developed in the cloud, shifting the face of the
financial services industry for good by offering a multitude of benefits and
solutions to companies of all sizes. For an example, the onset of digital and
mobile technology has many key benefits when it comes to the corporate treasury
department. Documents are nowadays easily transferrable so there is no need for
physical hard copies that need to be carried around, copied or faxed in its
most basic form.
These days, smartphones and
tablets provide much the same functionality and accessibility as the average
office PC, making mobile technology exceptionally convenient and extremely
connected to the workplace. This is turn diminishes the classic limitations faced
by the office working environment, permitting corporate treasurers and finance
executives to complete transactions on the move from anywhere at any time. This
reduces time to concentrate on innovation and improving efficiencies elsewhere
in the department.
And these new technological
advancements continue to make the function more effective and efficient once
treasury executives actually reach the office. The majority of devices and
systems are now linked, empowering the finance team to generate more precise
accounting reports, upgrade internal transparency, access financing solutions
and mitigate risk. And the fact that data can now be divided into smaller, more
digestible pieces and endure in-depth analysis really creating the corporate
world increasingly knowledgeable and intelligent about their businesses.
The cash management landscape has
also reshaped by the connectivity between corporate and banking systems. Today,
finance department is able to negotiate deals, issue electronic invoices, make
transfers, accept cashless payments and mitigate the risks associated with
currency volatility in real time. In fact they can also now source cost savings
across company expenditure online and utilise virtual corporate cards. Improving
organisational profitability and customer service standards is also tips of
their fingers as companies can also refinance their account receivables
seamlessly, improving liquidity management and freeing up working capital in
the process.
Truly, as a consequence of
this more corporate reliance on digital technology, reasonable worries are
being upstretched on cyber security, particularly with concerns to connected
devices and the number of points of entry. Still, the financial services
industry has been focusing on how to address these defies for some time now and
security has always been a primary key objective for the world’s leading institutions.
The cooperation of corporations and banks on security aspects benefited both parties
and improve the alignment of their interests forms an effective defence against
cyber-attacks.
The added convenience and
interconnectivity between devices, systems and platforms as the world moves towards
an increasingly digital age and since has empowering the finance role to an
unimaginable level of sophistication never seen before. In recent years, the
treasury has grown into a rheostat mecca where precise decisions and actions
are taken in real time, decreasing the risk of errors and interruption, and taking
all the intelligence needed for the exact decisions to be made. Therefore, it
is crucial that corporate treasurers select a banking partner that delivers the
tools and link that will facilitate them to fully utilize the expansions of the
digital revolution.
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