Dumbill believes that treasury and finance professionals are likely more aware than most people how important data is to the business. Therefore, “we need to be much better about integrating the data we have at all of our organisations,” he says.
But big data, he stresses, is not simply about the tools. Rather, it’s about “business agility.” Businesses need to be able to quickly adapt and experiment. “It’s not just understanding your landscape in fast time that makes a difference, it’s being able to respond to it,” he adds.
Recognising this need, many businesses are appointing individuals to be chief data officers (CDOs), whose purpose is essentially to align business value with the data infrastructure. “They’re often very interesting political wranglers, and people who know how to navigate an organization – how to bring the data assets in the organisation together to create value,” Dumbill notes.
In order for businesses to be successful, he suggests that they need to become “data native.” In an increasingly digitised world, companies need to be cognisant of data, analysis and data science. “The new technological architectures that are available to us offer new opportunities,” he says. “Business can’t exist without understanding the capabilities of the technology and the ways to work with it.”
Furthermore, Dumbill even goes so far as to admit that he wouldn’t want to work for a company whose chief executive brushes off data and believes it’s only for the IT staff. “It is unforgiveable to be ignorant of the capabilities of the technology platforms,” he says. “So the answer is creating an enterprise that embraces that experimentation and development. The business has to understand the potential of the technology that’s around us.”
While many still think the banking sector is characterised by legacy systems and lack of innovation, this could not be further from the truth. 2018 marks the year when a multitude of external factors will shake up the industry once and for all and reinvent the way people bank. Inevitably, this presents a threat, but also an opportunity.
Cryptocurrencies have developed and matured in to an entirely new class of asset. Completely digital and constructed using blockchain technology, they are a genuine, game-changing means of raising capital for the funding of new and existing businesses alike.
There has been an uptick of treasurers inquiring about interest rate risk management in recent months as interest rates in the US and UK have started to show a rise in momentum, said Chatham Financial at the annual Bellin treasury conference.
The global economy has seen about eight years of growth, but we are starting to see the end of this which is triggering some volatility in global markets, Stefan Bielmeier, DZ Bank, argued in his keynote speech at the Bellin annual 1TC conference. Other speakers discussed blockchain, cyber crime and netting.