SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced the release of new research by Aite Group, “The Primary Challenges, Trends, and IT Priorities of Banks in the European Cash Management Space: The Drive Toward Cash Optimisation”.
The research points to a number of critical trends. Cash management, both internal and corporate, is still heavily reliant on manual processes and the use of Excel spreadsheets for cash forecasting.
The changing nature of the corporate treasurer is now the driving force behind banks examining the solutions and services they offer. The need for real or near real-time data and an enterprise-wide view were also highlighted as critical issues over the next 24 months.
However, while demands have evolved dramatically, with a greater emphasis on analysis and strategy with cash management, the tools used to support it have not.
Banks and corporates increasingly want to move away from siloed country operations to regional or global cash management, however, just 36% of those banks surveyed can currently offer a single view into global data by product line or region.