With deposit competition as intense as ever, banks should consider modernizing their treasury management systems, this article says. The potential benefits are many: Centralized sources of customer data can yield better insights into customer needs, automating workflows can free up bankers' capacity to build deeper customer relationships, and more intuitive and accessible products can increase engagement. To evaluate their treasury automation strategies, bank leaders should start by determining whether their systems complement each other and the extent to which relationship managers are using them to capture customer insights.
Be sure to check out these best practices for designing treasury management systems and additional resources from PwC on digital transformation for banks.
Have you modernized your treasury management system? How did you decide on a vendor? Any other advice or best practices to share with the group? If you're discussing it (but have yet to decide), what do you see as the key risks, and which system features are most important to your institution?
------------------------------
Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
------------------------------