Cash management - A touch away
A typical day in a treasury manager's life revolves around things like currency exchange rates from various benchmarks, fluctuating transactions on his computer and, of course, the venerable coffee machine. While we cannot do anything about the coffee machine, the other components of his working life can be brought closer to him to improve his productive life.
With mobile banking in widespread practice worldwide, we already have some of the important constituents required to bring the components of a treasurer's screen onto his mobile device.
- The device: Almost all of today's tablets and smartphones are 3G/4G LTE-enabled and can operate at very high Internet speeds
- The apps: The FX rates, transaction window and administration are all available in silos with various mobile banking applications provided by different banks
- The industry standards: With the Society for Worldwide Interbank Financial Telecommunication (SWIFT) working on large-scale ISO 20022 messaging standards, a similar one can be developed for mobility as well.
People who work in treasury are continually on the move and usually spread across locations divided by time-difference limitations, which causes further constraints in their availability. The loss arising due to such delays comes with a monetary impact and banks miss out on cashing-in on the fluctuating FX rate or the potential customer win. With mobility, some of the key advantages would be:
- Instant delivery of alerts to managers for their perusal
- Elimination of potential delays since communication via emails will be immediate
- Stay connected (and on top of things) round-the-clock with a comprehensive dashboard
- Ease of decision-making with a transaction summary that provides instant access to past figures and future forecasts
- Ability to make strategic decisions without impacting ongoing tasks with networked apps that enables managers to meet virtually on a common forum while being mobile
- Better control over funds with full-time access to payments transaction tools
The question is - why limit mobile banking as the only channel of bank-customer interaction? Why not take it to the whole new level of actually performing banking activities?