5 Takeaways from BELLIN’s Annual Treasury Conference: 1TC 2020
Every year, BELLIN hosts 1TC, a wonderful treasury management conference in Rust, Germany, inviting all our clients, partners, and exhibitors to discover what’s new in treasury.
The theme of this year’s conference was “Open Treasury,” with our goal being building a strong network, accept new and exciting technology, and learn how to leverage treasury expertise up the chain. While old-school approaches work, an open mind can be the key to further optimizing the way we work.
1TC20, now in its 8th year, has grown to have over 500 attendees. The two-day conference contained engaging presentations, best practice workshops and ample time for networking with peers, industry players and key BELLIN stakeholders from management to product strategists.
Tradeshows, conferences, roadshows, etc. are all opportunities to network with your peers and exchange ideas. Some companies use them to learn more about a particular software or tool they are already using. Other companies use them to find new integrations to add to their business application stack.
At BELLIN, our treasury management system, tm5, provides treasurers with a comprehensive tool to make their lives easier – covering topics like cash management, banking, reporting, FX and risk management, and more.
The consequence of such a comprehensive tool that could come off as complex to an inexperienced user is the need for offline processes to be fine-tuned to take full advantage. 1TC is our way of making that happen.
Here are our 5 key takeaways from this year’s conference.
The BELLIN ecosystem is growing – and so is the BELLIN Community’s pool of experience and expertise
Over 500 attendees represent 500 different ways of approaching treasury. They also add up to hundreds, if not thousands of years of treasury experience. The more numerous the BELLIN Community gets, the more diverse and international it becomes.
This includes our clients who use our solutions in various capacities (from CFO to treasurer to data maintenance in controlling), the growing number of exhibitors, and last but not least BELLIN itself.
We all benefit from the vast and diverse know-how and experience, and we influence each other and the industry as a whole.
Treasurers have truly become “finance influencers”
It was not just the eagerly awaited “CFOs in the Hot Seat” panel that confirmed a trend that we’ve been witnessing for a few years: corporate treasurers have influence – and stakeholders all the way to the very top value their input and guidance.
Despite or even because of new technology, faster processes (from faster payments to real-time balances), treasurers add value by providing strategic insight and recommendations that are crucial to any decision-making process.
This is clearly the profile of tomorrow’s treasurer, and it is clearly the profile sought after by CFOs and management alike.
In with the new, but the old still matters
Financial specialists love new technology to automate a pre-existing manual process. Heck, everyone loves automation.
During our time at 1TC, many talked about the push toward more automation, machine learning and AI to help fill those aspirations with reality. However, the one theme we heard just as often was: even though we want the new shiny toy (automation), accessible data and collaboration is still the most important factor for a lot of treasurers.
The insights team at BELLIN sat with as many clients that we could to realize this. Data and collaboration! They have been thrilled with the comprehensive nature of tm5 but the one consistent success they have experienced has been:
- “All of our data is accessible by our entire team in real-time and we know that data is clean and secure.”
- “Whether we are a centralized or decentralized team, we have a platform we can collaborate on and are ensured transparency of our payments, data, and banks.”
Sounds like such a “given” to any treasury platform but the BELLIN team prides itself on building upon strong foundations. Any new exciting innovation is built upon a technology stack that doesn’t sacrifice the old-school features that really matter.
Our Load Balanced Treasury standard means no per-user licenses, ensuring subsidiaries can share data seamlessly, profit from real-time transparency, and maximize global security.
We can aspire for automation and machine learning, but none of it is possible without a strong foundation.
Know-how, experience, data: sharing is caring
They used to say that ‘knowledge is power’, and you’d do well to keep your knowledge to yourself. The digital age has shifted these priorities.
Sharing knowledge has always been in our solutions’ DNA, now it has become an essential new approach for the treasury of the future – from forecasting to fraud prevention.
In order to detect meaningful and helpful data, machine learning and AI ultimately need an adequate data pool to sift through. Small-scale will help but large-scale will make the real difference.
The fraud nightmare continues
One such area, where data pooling and innovative technology are crucial is fraud. The average reader may have developed the first symptoms of “fraud warning fatigue” but to corporates, the threat is as real as ever.
The figures keep increasing year over year and companies of all sizes, all around the globe, continue to lose millions.
1TC attendees across all industries are united in their need for reliable, efficient, comprehensive and integrated solutions and welcome initiatives such as BELLIN’s vendor verification tool or the introduction of AI.
So, while old school has its place, fraud prevention definitely calls for new avenues – and collaboration across companies and industries.
1TC20 was an amazing opportunity to network with treasury industry professionals and while the community is growing rapidly, the tight-knit feeling was never more prominent. Whether it’s data accessibility, fraud prevention, or just the general shift in the role of treasury, 1TC20 provided the ideal medium to share ways to solve those problems together. We hope to see everyone again next year!