What do treasury providers and the iTunes store have in common? According to participants at the EuroFinance 2016 conference, in future banks increasingly will not be offering a full-range of treasury services to clients. Instead, they will increasingly cooperate with the broader fintech community, taking on the role of a "trusted app store" as they help clients find and make use of the best products and services in the market.
This was just one of the many insights to come out of the event, which was held in Vienna between October 12 and 14. This year's topic, "Treasury at the tipping point," attracted nearly 2,000 senior level delegates and speakers from all over the globe.
UBS, which participated for the fifth year in a row, was present with a delegation of 13 from its Transaction Banking (Cash Management, TEF, Product Development), Banking Products, Asset Management and Marketing areas.
Other discussions over the three-day event centered on the centralization of treasury, virtual accounts, fraud prevention and detection, and the importance of multi-banking solutions.
Looking at disruptive technologies, along with cooperation with fintech companies participants discussed how skill in data analytics and insight, as well as the ability to provide data integration into client processes, would be key differentiation factors for treasury providers in future. Participants also looked at the blockchain, centralized and standardized repositories for bank account management, and issues facing China.