Digital treasury: a new chapter
“Never before in history has innovation offered promise of so much to so many in so short a time.” Whatever you might think of Microsoft’s Co-founder, or the frustrations you might encounter with your Windows operating system on a daily basis, Bill Gates’ statement about technology could not be closer to the truth.
For individuals and businesses alike, the advent of the digital world has brought with it huge opportunities. In this new Handbook for 2015, ‘The treasurer’s guide to digitisation’, the latest thinking in this space is unveiled and the most useful solutions are examined so that treasurers can successfully navigate towards the digital technologies that they really need and which will make a positive difference to their business.
Throughout this Handbook, we will refer to the introduction of new digital technologies into the treasury department as the process of ‘digitisation’. Some people may use the word ‘digitalisation’ to describe this process, and often the two are in fact used interchangeably across the industry.
Whichever name you use, the bottom line is that within this Handbook, the digital world of treasury, from new transaction banking tools and portals to the dematerialisation of trade documentation and the growing popularity of cryptocurrencies, comes under the microscope. We also look at some of the wider issues impacting innovation in this space, not least the rise of FinTech.
Of course, whilst digitisation presents significant opportunities to streamline, improve, automate and ultimately gain cost and competitive advantages, there are risks that accompany new technologies and innovation too. The useful checklists, interviews and case studies included within this Handbook will hopefully assist treasurers in understanding these risks, and balancing them against the potential – and by no means insignificant rewards – that digitisation offers.