Published: October 25, 2022
Whirlwind of digital activity
It is a strange, but somehow familiar event, the déjà vu feeling, “we’ve been here before” moment, that we frequently experience reporting on the digital changes taking place not only across the finance industry, but also specifically covering happenings in transactional banking. What weighs us down is not just trying to keep track of all the many efforts, initiatives and the billions being spent by our winners to win new customers, while retaining and exceeding current customers’ expectations, but that the way forward for the industry seems to expand out infinitely like the universe in space. Just when banks seem to have conquered the ‘real time’ demands of retail and corporate clients, there is a new impetus and a shrill cry to launch financial products in an augmented-reality called the Metaverse, which itself remains an evolving mystery like the nebulae out in deep space.
It may be a bit dramatic to compare transactional banking to the constantly expanding universe. We suppose that somewhere across the finance industry there exists a centre of gravity that can serve as a useful point of navigation, unlike the universe, which has no centre and everything is in constant flux and expanding infinitely.
As our reporting demonstrates, however, the pace of change in the expanding financial space is breathtaking. Banks have to be vigilant and courageous. Open banking, embedded finance, digital processes and the emergence of fintechs are persistent threats and opportunities, and how firms manage these challenges today will determine their success in the medium and long-term.
What we can concretely confirm is that this year’s Treasury Services Awards winners are able to make the most of digital opportunities and their own unique digital transitions. The days of simply expressing a desire to transform and promulgating a digital strategy are over. The banks that are thriving in the new digital environment are the ones that have established successful digital products and platforms, and who have truly transitioned into digital enterprises. Our winners are steeped in technological initiatives like blockchain, artificial intelligence and robotics, and are positioning for the next steps into the digital universe. Whatever that might be.
Meanwhile, we pause, congratulate the many accomplishments of our 2022 winners, and look forward to follow their digital journeys in the years to come.