Treasury management:

Voice of the customer

Managing the coexistence between digitally
Native and digitally Naïve clients

2022
About this document:
Objective & methods

What: Research objective

Helping banks identify viable, new offerings
The treasury management landscape continues to Our hope is this body of research will provide insights
undergo rapid change and we seek to understand into what banks should consider prioritizing to be ready
how banks can better serve their middle-market for the future while also addressing the immediate
clients. We researched the needs of banks’ treasury needs for their treasury clients.
clients, gathering perspectives from treasury
professionals around what they most value, their key
challenges and unmet needs, and the evolution of
these needs in the future.

How: Research methodology

Breadth
Working with Pixel by Deloitte, we completed an
We surveyed 175
online survey of US-based treasury professionals at treasury professionals
middle-market firms ($20M–999M).

88 decision makers 87 do-ers

Department head, director, manager, Clerk, analyst, administrator, coordinator,
supervisor or equivalent planner, consultant, associate or equivalent

111 lower middle-market companies 64 core + midsized companies

Between $20M – $249M in revenue Between $250M – $999M in revenue

Depth
In addition to bringing our experiences working with
We interviewed 12
clients daily, we also conducted interviews with treasury professionals
treasurers across small, mid and large corporates.

Vice president, treasury Treasury director Head of treasury Head of treasury tech

2 | Copyright © 2022 Deloitte Consulting LLP. All rights reserved.

Table of contents

Introduction: The Native & the Naïve 4

Relationships 9

Products 11

Operating model 16

Taking action: What should banks do? 19

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INTRODUCTION

Summary:
Treasury management in 2022

Market context
disruption… …but no change
Advancements in technology have disrupted the Today, there is a clear stalemate between banks and
treasury banking space, enabling banks to roll out their treasury services clients. Banks are seeing only
new offerings (e.g., cash flow forecasting, intelligent limited demand for new solutions, while clients often
payments) and also fueling the growth of fintechs. desire new products and services, but are unable to
More recently, the Covid-19 pandemic disrupted adopt these offerings due to aging infrastructure,
long-established ways of working, driving digitization, squeezed budgets, and risk-averse postures.
and creating a short-lived impetus to adopt new
services.

Market insights

CLIENT NEEDS ARE DIVERGING

Clients exist across a broad spectrum from change averse to market-
making, creating challenges for banks who need to continue to efficiently
service both ends of the spectrum.

An intense focus on competing with technical capabilities and next-gen

Relationships services obscures the fact that relationships are a primary driver of new
still matter bank selection – although the criteria for what makes up a good
relationship is changing

Even sophisticated clients are still reliant on legacy products and

Product needs unwilling to sunset them because, in their words, “they just work”;
are mixed innovative use cases that are seeing strong adoption do so by solving for
human needs rather than simply delivering new technology

Technology and delivery of complex services has become core to the

Operating model product offerings; upskilling teams, shifting the operating model, and
evolution investments must be made now if banks want to remain competitive
and relevant in treasury services

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INTRODUCTION

In our research we identified two segments

differentiated by behavior, the Naïve and the
Native

NAÏVE
Advancements in technology have disrupted the N AT I V E
Treasury Banking space, enabling banks to roll out
Naïve clients leverage highly manual treasury Native clients manage their business with digital
new offerings (e.g., cash flow forecasting, intelligent
management processes built on legacy ERPs. technologies and decisions based on data-driven
payments) and also fueling the growth of Fintechs.
While they are evolving, their pace of change is insights. Native clients are driving towards “the
More recently, the Covid-19 pandemic disrupted
not fast enough to keep up with overall next thing” and often push the boundaries of the
long-established ways of working, driving digitization
evolution in the industry. industry.
and creating a short-lived impetus to adopt new
services.

Prefer partnerships…

With banks for new services to reduce With fintechs to adopt bank agnostic
change solutions

Digital adoption includes…

Starting to use digital experiences; mostly Owning digital experiences characterized by

“scheduled” driven processes “anywhere, anytime”

Prepare for new integrations by…

Making choices based on integration Selecting partners that integrate into the roadmap
costs with plug-in services

Data may be in…

Disparate data sets maintained manually via Workflow services driving insights requiring
spreadsheets standardized data

KEY NAÏVE N AT I V E

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INTRODUCTION

Naïve and Native clients also differ in what they

are looking for from their banks

NAÏVE
Advancements in technology have disrupted the N AT I V E
Treasury Banking space, enabling banks to roll out
PRIORITIES PRIORITIES
new offerings (e.g., cash flow forecasting, intelligent
payments) andneed
• Minimal also to
fueling thelegacy
change growth of Fintechs.
systems that • Evolve treasury as part of a broader
More serve
recently, the Covid-19 pandemic
current needs as they considerdisrupted transformation of the business to deliver on
long-established ways ofor
treasury a middle- working, driving
back-office digitization
function heighted client and employee experiences
and creating a short-lived impetus to adopt new
• Reducing manual touchpoints with bank for
services. • Data standardization across products and
business and technology needs banks

What you might hear me say

We continue to use lockbox, as checks

We want to automate everything via APIs, SFTP
represents 40% of all payment transactions.
file transfers, and cross border support.
– Former assistant treasurer; Gas & electricity
– Manager, treasury; Insurance company
utility company

Even if a fintech can offer a better price, we We are building our own analytics framework -
would likely maintain the relationship we have we work with so many banks, that no one bank
with the banks since they offer a variety of has the complete picture.
services. – Head of treasury tech, technology; software &
– Manager, treasury; Insurance company hardware provider

We are not as interested in direct API since our

We don’t use checks unless we are forced to do
ERP is batch and the ERP system would need
so by a partner.
to change.
– Director, treasury; Biotechnology and health
– Vice president, treasury; Gas & electricity utility
care technology company
company

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INTRODUCTION

The evolution from Naïve to Native:

B2C receivables

CURRENT PAIN POINTS:

Celia • CellCo has been pushing Celia to enroll in autopay,

but money is tight, and Celia wants to manage her
(Consumer) budget closely (even if she sometimes forgets to pay
on time)
Celia loves her phone and is on it all the time. The
service for her phone is provided by CellCo. Celia • She always received her bill by mail, but she pays
chose CellCo because they have the most coverage in online because it’s too much of a hassle to mail in
her area. her payment

NAÏVE
LOGIN PAYMENT
LOGIN 1234 1234 1234 1234
PAY BILL
05/2028

123

BILL

Celia receives her CellCo bill After receiving her monthly On the website, she starts by On the page that loads, she
in the mail each month paycheck, Celia decides to logging in, then selecting “pay enters her credit card
pay her bills, so she navigates bill” number, and the payment is
to CellCo’s website processed

N AT I V E
When Celia’s bill is ready, she Clicking the notification
receives a notification from her launches her bank’s app,
banking app: Banking Banking loading a payment screen with
“Your CellCo payment is coming Authorize a payment for
upcoming bill
PAY ALL options:
due, click here to authorize it” • Pay in full
PAY IN
INSTALLMENTS

REQUEST AN
EXTENSION

DECLINE
• Pay in installments
PAYMENT

• Pay later
• Remind me later
• Request an extension
She selects an option, and the
payment is processed

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INTRODUCTION

The evolution from Naïve to Native:

B2B payables
CURRENT PAIN POINTS:

• Every payment decision Anton makes is a challenge –

there are so many different pieces of information to

Anton pull together and none of it lives in the same place

• Anton isn’t always certain he’s making the right

(Accounts payable associate) decision because account positions are constantly
Anton is part of at CellCo’s Accounts Payable team. moving, and new invoices are constantly coming in
He’s been on the job for two months and is still (not to mention he doesn’t have time to revisit old
learning the ropes. decisions)

NAÏVE

Anton receives a contract He then looks at the contract Next, he considers his Anton then has to make a
to find: options to pay: judgment call on:
• Payment types accepted • Payment fees • How to pay (check, ACH,
• Payment terms • Payment speed wire, commercial card)
• Payment deadline • Account positions • When to pay
• Associated fees • Other scheduled • Which account to pay
payments from

N AT I V E
Anton opens up an app and The app automatically The app then decides (and
takes a picture of the invoice extracts the relevant continually re-optimizes):
information and asks him • How to pay (RTP, wire,
INVOICE DETAILS
to confirm it commercial card,
FEES
blockchain)
INVOICE TERMS
INVOICE PAID • When to pay
TYPES
INVOICE DETAILS • Which account to pay from
HOW
CONFIRM ALL RTP
WIRE
WHEN COMMERCIAL CARD
BLOCKCHAIN

FROM

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RELATIONSHIPS

Relationships
While capabilities are considered table-stakes,
relationships can serve as a differentiator for
banks
Top factors in selecting a new bank (% ranking the factor in the top-two)

While SECURITY and REPUTATION are the two most

frequently cited selection factors, they are considered
table stakes for the native and naïve–clients will ‘select
away’ from banks with major breaches or other
reputational damage but rarely view this as a truly
differentiating factor

37% Security (Preventative, monitoring, reactive)

36% Reputation

34% Relationship management & client service

32% Cash management products & services

23% Pricing

20% Technology capabilities

Both native and naïve clients

consider RELATIONSHIPS as a critical
18% Lending services “select for” factor, even as the nature
of client service evolves

KEY Relationship factor Capability factor

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RELATIONSHIPS

For both Naïve and Native clients, trusted

relationships are built on three dimensions

CLIENT SERVICE ADVICE & INSIGHTS FOOTPRINT

NAÏVE A trusted relationship Recommendations on A large branch/physical

manager who can address how to optimize their footprint (needed to
NEEDS issues based on treasury operations based deliver night deposit,
understanding the client on what others in their lockbox and other legacy
needs industry are doing products)

NATIVE Self-service options to Insights on how to evolve A broad knowledge base

solve issues on their time, their technical footprint comprised of unique
NEEDS where that does not based on knowledge of location-driven
require a knowledgeable the current set of perspectives and solutions
technical specialist solutions they use

HOW TO “I want a technical resource “Banks can focus on specific “If banks have a presence
who can answer our industries (e.g., health care) where we have business, we
DELIVER problems along with our to drive value and to want their experience as
day-to-day client service decrease operational costs” part of the package”
contact” – Vice president, finance – Vice president, treasury
– Head of treasury management
technology

• Accountable points of • Consultative approach: • Global reach: Clients

contact: Clients want Banks should invest to want banks’ support
specific contacts who be a proactive advisor based on where they
know their organization for clients and provide do business today and
and can solve issues consultative services – where they may want to
(without a need for technical, liquidity, etc. do business in the
handoffs/escalation) future
• Industry focus: Provide
• Self-service platform: industry specific • Location-based
Empower clients to services (e.g., insurance services: Provide clients
resolve straightforward clearinghouse for with services and
questions and issues payments) that drive expertise aligned to
on their own efficiency their needs (e.g.,
foreign exchange
considerations)

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PRODUCTS

Products
While not evident across all product categories,
the Naïve-Native split is highly visible for
information reporting products

PRODUCT NAÏVE & NATIVE IMPLICATIONS FOR

CATEGORY BEHAVIOR BANKS

In it for the long

haul:
01 Naïve and Native clients
alike use legacy
Banks must plan for
continued support for
LEGACY products, including these products and
Products with PRODUCTS branch/night deposit, should consider using
strong demand cash vault and CD-ROM digitization, automation,
across Native & outsourcing and
Naïve clients technology services

02 The selection of a
payment rail is similar
Converting clients to
other services may
PAYMENTS across Naïve and Native require ecosystem
clients with ACH changes (i.e., solving for
favored, but passed demand from clients’
over for many reasons clients/partners)

Time for change:

03 Both Naïve and Native
clients are dissatisfied
Investments in data
standardization can
Where Native DATA, with data and insights benefit both client
clients have INSIGHTS & offerings but for groups although API
differentiated ANALYTICS differing reasons standardization and
expectations availability are truly
needed to satisfy Native
clients

04 Native clients are

increasingly turning to
Investments in digital
channels provide
DIGITAL their own ERPs and disproportionate value
EXPERIENCE feeds with real-time to Naïve clients whose
data consumed through expectations are rising
APIs as consumer
experiences improve

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PRODUCTS

01 Even in an increasingly digital world,

legacy products persist

Legacy products used

Top factors in selecting a new bank (% ranking the factor in the top-two)

Clients using at least one of the four solutions below

79% 21%

Branch/night deposit Cash vault Lockbox CD-ROM

67% 46% 59% 20%

Why clients use these products

Clients have many reasons for continuing to use legacy solutions

40% We use legacy products because they are effective, and

Given persistent
Current product is effective our customers demand them demand for
at meeting needs
legacy products,
banks should
17% Change requires significant time and money which can plan for
Too difficult to transition to
a new product
be hard to come by optimization
through
automation
15%
Strong demand from clients
Legacy products are still required as they constitute a rather than
large portion of our customers’ businesses
for the product elimination.

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PRODUCTS

02 Payment preferences are fairly

homogenous across both Naïve and
Native clients

By the numbers
Payments are split evenly across wires, ACH, check and card with RTP a distant fifth

ACH WIRE
TOTAL
23%
26%
DOMESTIC
14%

INTERNATIONAL
9%

CHECK CARD RTP

22%

20% 8%

How clients make decisions on how to pay

Payment decisions are made on the basis of cost then speed, with ACH being the
preferred choice

Is the payment urgent?

Wire is currently preferred to
YES RTP for fast payments
Wire NO
YES
Is the recipient abroad?

Do I have the information needed NO

to make an electronic payment? Check acceptance is driven by
a desire to be client-friendly

YES NO
Clients dislike checks, but are
ACH Check hamstrung by vendor policies

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PRODUCTS

03 Data and insight offerings fail to satisfy

both Naïve and Native clients, but for
different reasons

By the numbers
While demand for analytics and insights is strong, clients are overwhelmingly
dissatisfied with these offerings from their banks

Baseline offering Purchases of enhanced packages

I can see some data in real-
62% 65% Of which… time, but not nearly enough
could be more satisfied Purchase Very
41%
often or
do not
9% somewhat
feel that
Dissatisfied frequently
the
Somewhat purchase
provides My bank’s reporting
38%
significant dashboards just aren’t doing
Very what I need…they’re clunky
Satisfied 45% value
53% Infrequently and I can’t get them to show
Somewhat or never what I actually want to see
Satisfied purchase

What clients are looking for (and missing)

CLIENT GROUP KEY CHALLENGES

Data accuracy: Variability in current data creates a break in a client’s ability to

ALL CLIENTS consume, trust, and act upon insights
Looking for a strong
Data availability: Not all data is exposed in real-time via APIs and the metadata
foundation to base their
available is insufficient for operational tasks (e.g., reconciliation) reducing a
decisions on
client’s ability to confidently make data-driven decisions

NAÏVE CLIENTS Tool quality: Online banking dashboards provide data, but do not offer the
Looking for support in making timeliness, accuracy, filtering or visualization capabilities required to create the
sense of their data custom reports that clients would like to see

NATIVE CLIENTS Data standardization: Native clients consume and aggregate data across banks
Looking to build a complete to perform their own analytics; with each bank using its own (non-standard)
picture of their finances APIs, clients are forced to build an in-house translation layer to aggregate this
across banks data

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PRODUCTS

04 Investments in digital experience largely

benefit Naïve clients, who are looking to
match the experiences they see as
consumers

Channel preferences for Naïve clients

With big tech continuing to push the envelope on digital experience, client
expectations are higher than ever; corporate clients are no longer content using
clunky, siloed, and outdated tools and have come to expect consumer-grade
experiences from their banks

Principles + treasury features

FITS INTO MY LIFE CAN DO IT MYSELF IS PAPERLESS

Mobile capabilities Reporting Digital onboarding

Do anything from anywhere More data and enhanced filtering Add a new product without picking up
options to easily produce client- the phone or filling out a paper form
SSO
specific reports
One login for all products / services Virtual lockbox
Fraud capabilities Scan remittances remotely,
Custom alerts
Enhanced self-service tools for eliminating trips to the bank
Preference-based notifications (e.g.,
preventing fraud
withdrawal limits)

Most demanded Broader Enhanced Increased

improvements to 45% mobile 44% reporting & 41% fraud
capabilities insights capabilities
digital experience

Channel preferences for Native clients

Digitally Native clients prefer to use their ERP/TMS systems (or in some cases
homegrown alternatives), ingesting data via APIs, to do their work on those
platforms
IN THEIR WORDS
To satisfy Native clients, banks will need to expand
I need to be able see all my data across all my their API offerings, including a variety of third-party
banks in one place systems supported “out of the box” as well as enabling
new use cases such as:
• Cash forecasting
I only use bank portals during disaster • Triggering new payments on client-specific rails
recovery exercises
• Enriched data to enable remittance reconciliation

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OPERATING MODEL

Operating model
As client needs’ evolve, the type of bank partner
they are looking for is also evolving

NAÏVE
Advancements in technology have disrupted the N AT I V E
Treasury Banking space, enabling
Increasing bankstoto roll out
pressure Increasing proportion of clients
What is What is
new offerings (e.g., modernize
cash flow forecasting,
treasury, “dointelligent
more displaying digitally Native
changing changing
with less”
payments) and also fueling the growth of Fintechs. behaviors
These clients
More recently, the Covid-19 want adisrupted
pandemic bank that These clients want a bank that
What they What they
long-established can provide guidance to acts as a sophisticated, tech-
want from ways of working, driving digitization want from
support their treasury fluent partner to meet them
andtheir
creating a short-lived impetus to adopt new
banks their banks
transformations where they are and “keep up”
services.

What we heard

SALES & RELATIONSHIP MGMT SERVICING

It’s fundamental that banks we work with Banks can strengthen relationship by
understand our business and have the adding a technical resource who can
right footprint to best help. speed up triaging efforts.
– Head of treasury, automotive – Head of treasury tech; Software &
materials supplier hardware provider

PRODUCT SHARED SERVICES

Banks are getting better at integrating Proactive risk and compliance monitoring
more systems together to make processes from our bank would reduce our internal
seamless. reliance on “experienced” team members.
– Director, treasury; Medical equipment – Vice president, treasury management;
manufacturer insurance company

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OPERATING MODEL

Evolving client needs require a shift in the

bank’s operating model with impacts
varying by function

Historically, banks have designed their treasury Going forward, banks need to reorganize around the
management operating model to support the needs changing needs of their digitally Naïve clients, as well as
of digitally Naïve clients with a product-centric new demands from a growing set of digitally Native
alignment; investments have been focused on clients, which requires banks to move from
modernizing aged technology to sustain legacy incrementalism to transformation (i.e., fundamentally
products and marginally improve processes versus re-architecting their operating models).
understanding and meeting new client needs.

Illustrative operating model and impacts by function

IMPACT ON
NAÏVE N AT I V E FUNCTION
Known operating Want to collaborate Shift away from
Client coverage pain points and a with bank partners product to solution-
SALES & REL. desire to digitize, on how to better based sales model
MGMT. while facing pressure support their
Specialists to do more with less customers and
employees
Emerging desire to Demand for deep Demand for self-
Onboarding use self-service for technical expertise to service with first
what they consider not only find a point of contact issue
SERVICING
“simple” servicing solution, but resolution via
Client servicing requests (e.g., adding recommend relationship pods
an account) improvements
Rising dissatisfaction Forced to adopt new, Integration of data
Product mgmt. with the products non-bank solutions and insights with
driven by perceived crossing product products to create
PRODUCT
lack of tailoring to lines to solve for solution teams
Product operations their industry / their business’
cohort unique use case

Audit, risk and Frustration with lack Understanding of Need to integrate

comp. of coordination risk and compliance with existing
SHARED across bank with requirements, but channels to minimize
SERVICES IT security, vendor
outreach from frustrated by client points of
seemingly random channels available contact
mgmt.
contacts for resolving

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OPERATING MODEL

Transformation across the bank is required to

serve clients along the Naïve-Native spectrum

Train teams to go beyond products by creating a functional understanding of the

TALENT day-to-day workflows for clients

EVOLUTION Increase technical acumen and integrate technical resources into sales and
servicing teams; incentivize tech fluency within non-technical roles

Organize servicing teams to lead with relationship and pods to enable

specialization which can accelerate issue resolution

Continue investments in fintech partnerships to supplement advanced technical

talent

Build in client solution checkpoints to broaden cross-functional understanding of

PROCESS RE- how products are used and can be improved

ENGINEERING Build a catalogue of standard services to offer clients that allow for economies of
scale and ease of implementing and operationalizing

Develop “fix” repository to learn from previous client issues and reduce time to
resolution in future occurrences

Offer clients a proactive approach to risk management and compliance with

direct feedback within existing communication channels

Provide clients low-risk opportunities to pilot new solutions (e.g., sandbox

TOOL environments)

ENHANCEMENT Develop single ecosystem to support bank solutions and provide clients ability to
bring on new services with ease and to re-configure functionality of implemented
solutions

Offer self-service tools to simplify interactions and reduce resolution time;

inclusive of digitized documentation and escalation routes when advanced
support is required

Enable real-time data exchange and enhanced metadata availability

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TAKING ACTION

Taking action: What should banks do?

Banks will need to manage the co-existence of
both client groups for the foreseeable future;
these tactics can help make the Naïve more
Native

01
HIGHLIGHT THE HUMAN COST
While there is generally a solid financial case for adopting Native services, many
Naïve clients are unable to garner support for the change based on numbers
MAKE IT REAL alone. Helping clients understand the human cost (time, pain) associated with
legacy products (especially for executives) can jump start change.
(for key decision makers)
HELP CLIENTS HELP OTHERS
Clients generally dislike checks and cash, but they continue using both because
their customers and partners are not willing to adopt electronic payments.
Clients are willing and able to run campaigns, educating holdouts on the
benefits of adopting new electronic payments, but will benefit from their bank’s
support.

02
SUPPORT CLIENTS
Given customizations, antiquated processes and outdated, poorly integrated
systems, adopting new solutions can entail significant uncertainty and effort.
STRIVE FOR EASY Providing skilled technical resources who can support clients as they design
and implement new services can encourage them to take the next step.
(for Native service adoption)
REDUCE IMPLEMENTATION EFFORT
Most budget for change/improvement is allocated to internal projects (e.g.,
finance systems consolidation), leaving limited funds available for implementing
new services from banks. Offering products that can easily integrate with
common TMS/ERP systems can help make these projects affordable for clients.

03
START WITH THE USE CASE
Banks are eager to roll out new technologies, but often run into a wall of low
demand. By starting with client needs, banks can develop and sell services that
BUILD AROUND enable clients to achieve their goals and transition in the direction of Native
options (e.g., debit cards for payroll).
NEEDS
(not products) ADD END-TO-END SELF-SERVICE
While Native clients demand self-service as table-stakes, even Naïve clients
have areas where they are willing to self-serve (but are blocked by doing so
because their bank doesn’t offer the option). Expanding self-service options
can be an effective nudge (as long as it doesn’t come at the expense of live
options).

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TAKING ACTION

Banks who invest and position for the future

now are positioned to be the differentiators and
grow their Treasury Management business

LEGACY • Legacy products are here to stay for at least the next five years
• Banks should focus on lowering the cost to serve these solutions
PRODUCTS (e.g., wholesale lockbox) through technology

NAÏVE TO NATIVE • Naïve clients will likely make the leap if you give them the chance
• Cultivate new products in a client-centric way and teach the sales and
service teams to recognize opportunities in a consultative way

BANKS AS TECH • Native clients expect banks to be technology companies

• Restructure the product, sales, and service operating model to
COMPANIES enable technical consultation via pods/teams, while maintaining a
client relationship lead

VALUE-BASED • Treasury management products and services will evolve to be driven

by value vs. straight-line fee based
REVENUE • Start organizing data services and value-add now to solution sets so
products generate insights

INVESTMENT • Investment decisions need to be made considering a portfolio

approach
APPROACH • Manage treasury innovation across a mix of core, adjacent, and
transformational opportunities using an approach such as the
Ambition matrix

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Authors
Michelle Gauchat Niklas Bergentoft
Transaction Banking leader Global Risk Advisory Treasury leader
Deloitte Consulting LLP Deloitte & Touche LLP
mgauchat@deloitte.com nbergentoft@deloitte.com

Neil Malani Jana Borer

Customer Strategy & Applied Design Transaction Banking
Deloitte Digital Deloitte Consulting LLP
nmalani@deloitte.com jborer@deloitte.com

Whitney Stevens
Core Business Operations
Deloitte Consulting LLP
whstevens@deloitte.com

Contributors
Andrew Steiner, Deloitte Consulting LLP
Asher Blackburn, Doblin, Deloitte Digital
Dhakshi Balakumar, Deloitte Consulting LLP
Jacob Novich, Deloitte Consulting LLP
Rushi Shah, Deloitte Consulting LLP

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