Treasury is the new key to a great customer experience. Here's why.
Anders Liu-Lindberg
Leading advisor to senior Finance and FP&A leaders on creating impact through business partnering | Interim | VP Finance | Business Finance
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Throughout this series, we've taken an in-depth look at the value that can be delivered by Treasury functions when they are encouraged and allowed to fulfill their potential.
For the most part, we've concentrated on the internal benefits that they can bring, whether that's the application of innovative new financial instruments, through supporting efforts to optimize sales processes, and much else.
But what about your customers? Customer experience is the most important priority for many modern businesses, particularly those in financial services - and, perhaps surprisingly, Treasury has a significant role to play in delivering a truly great CX.
Treasury is a bridge
Treasury can act as the connecting tissue between financial products and corporate needs. There are many different forms that this might take, but the explosion in innovation in the fintech space has opened up new possibilities in the area - some of which are becoming key pillars of modern CX efforts.
In particular, the rise of Embedded Finance and Banking-as-a-Service, which sees financial services delivered through API integrations, is transforming the financial landscape for both B2C and B2B participants.
Products and services such as seamless payment integrations, one-stop banking and payments platforms, and Open Banking technologies are all now within reach of most companies. And Treasurers are best-placed to broker introductions to Embedded Finance and BaaS service providers - partly because they already have a firm grasp of the shifting landscape of financial services, and partly because they are generally the first port of call for service providers and financial institutions trying to market their new products.
Changing face of finance
Both business and consumer customers increasingly expect to see seamlessly integrated, one-click user journeys in the products and services they use. From topping up a digital wallet to entering into a 'buy now pay later' credit agreement at a physical store point of sale, we are growing ever more used to the integration of financial services within what has previously been thought of as "non-financial" businesses.
The most obvious examples of this are the headline-grabbing launches of the Apple credit card or the Uber banking product, but the tendrils of financial services are finding their way into almost every industry and every vertical.
There is a huge range of exciting new technologies and techniques on offer from the fintech space, many of which might have practical applications for your business - and, in particular, for the delivery of a great customer experience.
Start looking outward
Treasury functions are the pivot point for the integration of these products. Treasurers can act as facilitators, bridging the skills and expertise gap between fintech providers or financial institutions, and the business.
In this way, Treasury is shaking off its reputation as an insular, highly technical, or highly specialized department.
Instead, modern Treasury functions are actually the most outward-looking part of many businesses, acting as the hub or nexus for many intersecting conversations and activities.
Are you a Treasury professional looking to expand your remit and create new value for your organization? Take some time today to familiarise yourself with the impact of fintech (and, in particular, Banking-as-a-Service) on customer experience, and start a conversation with other functions about how you can drive CX improvements through the application of new financial products and instruments.
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This was the seventh article on my series about Treasury. You can read the previous article(s) below. If you would like to be involved in this series and share insights about the latest developments in Treasury, don't hesitate to reach out!
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If you want to know more about what is happening in the wider Finance Function you can read my latest series "Finance Function 4.0". You can read all the articles in the series below.
You can read a lot more articles about FP&A, Business Partnering, and Finance Transformation below. It all start's with “Introducing The Finance Transformation Nine Box”?where you set the ambition for your transformation. You should join the?Finance Business Partner Forum?which is part of the Business Partnering Institute's online community where we will continue to discuss this topic and you can click here to follow me on?Twitter.
All Successful Business Partners Are "Leaders"??(the last article in the series about our new capability model)
Should We Keep Talking About Business Partnering??(part of a 17-article series where we deep-dive on the WHY, WHAT, and HOW of business partnering by putting it on a formula)
Everyone Can Adopt A Business Partnering Mindset?(part of a six-article series about FP&A Business Partnering)
From Business Partner To Working Within The Business?(part of an article series where I interview finance professionals about their careers in FP&A and Business Partnering)
Is Your Product Optimized For Value Creation??(part of a toolbox series where we look at what tools FP&A professionals should leverage to drive value creation)
How Business Partners Turn Analysis To Insight?(part of case study series where I interview business partners about how they drive value creation using real cases)
Anders Liu-Lindberg?is the co-founder, COO (Chief Operating Officer), and CMO (Chief Marketing Officer) at the?Business Partnering Institute?and owner of the largest?group dedicated to Finance Business Partnering?on LinkedIn with close to 10,000 members. I have ten years of experience as a business partner at the global transport and logistics company?Maersk. I am the co-author of the book “Create Value as a Finance Business Partner” and a?long-time Finance Blogger?on LinkedIn with 60.000+ followers.
Cost & Budget Control Manager, Financial & Business Analyst, and Investment controller
3 年Great piece! I love
Private Equity | Renewables | Infrastructure | Investment Management | Copenhagen Infrastructure Partners | Co-founder @ 360 Finance Network | Co-founder @ Growth Circle
3 年Interesting perspectives on the Treasury function - a good read! Thanks for sharing, Anders Liu-Lindberg.